Great Western Exploration (ASX:GTE) is raising $3 million to fully fund its upcoming ‘high-impact’ exploration programs over the coming months across its suite of copper and gold projects in Western Australia.
The $9.6 million market capitalisation company says exploration will include follow-up drilling at the Firebird Gold Project and a drilling program targeting De Grussa-style volcanic-hosted massive sulphide (VHMS) targets at the Fairbairn Copper Project.
Other exploration activities are expected to be undertaken at the Oval and Oval South Winu Style intrusive-related copper-gold targets within the Yerrida North Copper-Gold Project.
Great Western Exploration will raise the funds via a placement of 93.75 million new fully paid ordinary shares at $0.032 per share plus one listed option for every new share issued.
Each option has an exercise price of $0.08 cents expiring on 15 July 2025.
Euroz Hartleys and Peloton Capital will act as joint lead managers in respect of the placement.
New shares are expected to rank equally with existing fully paid ordinary shares and will be issued across 2 tranches.
As part of the placement, Great Western directors Shane Pike, Kevin Somes, Ross Williams, and Grey Egerton-Warburton will participate in tranche 2 of the placement.
Great Western Exploration Managing Director Shane Pike says the company’s approach to its exploration programs has resulted in a ‘strong’ and ‘highly prospective’ portfolio of assets where it is hoping to make a ‘significant’ discovery.
Great Western Exploration is a copper, gold, and nickel explorer focused on its land position in prolific regions of Western Australia.
The company’s portfolio of projects are considered prospective for gold, copper, and copper-gold mineralisation.
As of 30 September 2023, Great Western Exploration had $2.018 million cash and cash equivalents at hand, although is looking to add an additional $3 million through the aforementioned placement.
Write to Adam Drought at Mining.com.au
Images: Great Western Exploration