Great Western Exploration Ltd (ASX:GTE) has completed a placement raising $200,000 following shareholder approval.
The company will now undertake a fully underwritten, non-renounceable entitlement offer of three shares for every two shares held by shareholders on the record date, to raise up to $613,175.
A prospectus for the entitlement issue is expected to be lodged shortly.
As approved by shareholders on May 27, 2020, 20 million post-consolidation ordinary shares have been issued at 1 cent per share.
This follows the completion of a 60:1 consolidation of the company’s securities.
Greg Egerton-Warburton and Ross Williams have been appointed to the board of the directors with directors Justin Barton and Jordan Luckett subsequently resigning.
Kevin Somes remains on the board and Tony Walsh has been appointed to company secretary following the resignation of Barton from that role but he will remain as financial controller.
The board has thanked Luckett and Barton for their service as directors.
Yerrida North JV
During the March quarter, JV partner Sandfire Resources Ltd (ASX:SFR) gave notice of its intention to continue exploring at Yerrida North where it is compiling and interpreting geophysical and geological data.
Sandfire plans to begin surface geochemical surveys over areas of interest in order to identify and prioritise areas for drill testing.
Under the joint venture, Sandfire can earn a 70% interest by sole funding exploration to define a mineral resource of at least 50,000 tonnes of contained copper or copper equivalent under the JORC 2012 code.