Great Western Exploration (ASX:GTE) has received binding commitments to raise $2.5 million via a placement for multiple high-impact drilling programs.
The placement ensures the $17.97 million market capitalised company remains well funded for a maiden drilling program at the Sumo niobium target and six recently defined volcanic-hosted massive sulphide targets at Juggernaut.
These upcoming programs will be conducted following the completion of a drilling program at the Oval and Oval South targets, within the Yerrida North Project in Western Australia.
Under the two tranche placement, 78.1 million shares will be issued at $0.032 per share.
Great Western directors Shane Pike, Kevin Somes, Ross Williams, and Grey Egerton-Warburton have committed to subscribe for an aggregate $335,000 worth of shares in the second tranche of the placement, subject to securing shareholder approval at a meeting in mid-December 2024.
Euroz Hartleys will act as lead manager to the placement.
Managing Director Shane Pike says the funds will ensure that Great Western is able to undertake maiden drilling at Sumo, and the six targets at Juggernaut, fully funded, “following the completion of the current drilling on the giant Oval and Oval South targets at our 100% owned Yerrida North Project, where the company is endeavouring to make a very significant discovery”.
“We thank our shareholders for their support of our forthcoming exploration programs, and also welcome new shareholders to the company.”
Yesterday (21 October), the company announced it had defined the six individual drill targets, dubbed Archer, Falconer, Seymour, Smith, Howard, and Palmer, via conducting further interpretations at Juggernaut.
Great Western says the prospectivity of these targets is shown by the confluence of multiple geological attributes, including geochemical anomalism, mapped geological attributes and associated textures, as well as modelled structural regime.
Great Western is a mineral explorer focused on its land position in prolific mining regions of Western Australia. The company’s tenements have been underexplored or virtually unexplored.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Western Exploration
