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Great Western Exploration raises $282,000+ via directors' participation in rights issue

Great Western and Sandfire Resources are continuing with the Yerrida North Joint Venture after Sandfire recently reached the minimum expenditure commitment of $1.7 million over three years.

Great Western Exploration Limited - Great Western Exploration raises $282,000+ via director participation in rights issue
Sandfire’s successful exploration teams have discovered the nearby Degrussa and Monty VMS deposits

Great Western Exploration Limited (ASX:GTE) directors have acquired shares in the company by participating in the entitlement issue completed on July 9 2020 at a price of one cent per share.

Executive chairman Kevin Somes acquired 4.267 million shares and non-executive directors Ross Williams and Grey Egerton-Warburton bought about 12 million shares each.

The total amount raised via the three directors’ rights issue participation is in excess of $282,000.

Yerrida North JV

Funds raised by Great Western through its recent share placement and rights issue will be used for exploration of existing gold tenements, to pay creditors and for general working capital purposes.

In April, Great Western welcomed confirmation from Sandfire Resources Ltd (ASX:SFR) that it is continuing with the Yerrida North Joint Venture, having reached the minimum expenditure commitment of $1.7 million over three years.

Sandfire has made a substantial investment in completing an extensive high-resolution airborne electromagnetic survey and detailed geological mapping across the Yerrida basin in WA’s Mid-West.

Great Western believes that this work has upgraded the prospectivity of the region, indicating that the Yerrida geology has many similarities to the setting of Sandfire's nearby DeGrussa mine.

Somes recently said: “The capital raising is a very positive outcome for Great Western, in what is currently a challenging operating and financing environment for many exploration companies given the well-documented impact of COVID-19.

Quick facts: Great Western Exploration Limited

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ASX:GTE
Market: ASX
Market Cap: $18.91 m
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