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Great Western Exploration in trading halt ahead of rights issue update

The company recently outlined a 2-for-5 renounceable rights issue priced at 0.2 cents to raise up to $1.0 million.

Great Western Exploration Limited - Great Western Exploration in trading halt ahead of rights issue update
GTE wants to follow-up high-grade gold results from late 2019 at the Yandal West Project in WA

Great Western Exploration Limited (ASX:GTE) has been granted a trading halt by the ASX pending the release of information pertaining to the rights issue.

Shares in the company will remain halted until the earlier of either, the release of relevant information, or, the commencement oftrading on Tuesday 31 March ,2020.

In late February 2020, Great Western detailed a 2-for-5 renounceable rights issue priced at 0.2 cents to raise up to $1.0 million.

One free attaching option exercisable at 0.5 cents expiring 31 August 2021 was also to be issued for every 2 shares received under the offer.

Notably, the offer was to be underwritten to the value of $600,000 by Mahe Capital Pty Ltd.

Funding for follow-up exploration of high-grade gold results

Pending funds are earmarked for exploration to follow-up high-grade gold results in late 2019 from the Yandal West Project in Western Australia.

Results featured 2 metres at 7.75 g/t gold from 20 metres at the Harris Find prospect and 2 metres at 3.89 g/t gold from 3 metres at the May Queen East prospect.

At the Yerrida Project also in WA, funds will also go towards an airborne EM survey targeting VMS mineralisation as well as plans to drill test identified gold, vanadium and copper targets.

Quick facts: Great Western Exploration Limited

Price: 0.0015 AUD

ASX:GTE
Market: ASX
Market Cap: $1.88 m
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Great Western Exploration kicks off next RC drilling phase at Yandal West...

Great Western Exploration Limited (ASX:GTE) managing director Jordan Luckett updates Proactive Investors on the next phase of reverse circulation drilling begun at the company’s Yandal West Gold Project in Western Australia. A total of 9 holes for about 800 metres will be completed across the...

on 9/8/19

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