SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 5, 2008) -
(NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES)
Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) ("GWMG" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing for Flow-Through and Non-Flow-Through Units.
The Company issued a total of 8,752,101 shares at price of $0.09 and 213,595 warrants, exercisable at $0.20 until 31 October 2010. Aggregate gross proceeds from this financing were $787,689. Total commissions of $32,880 were paid, resulting in net proceeds of $754,809.
The proceeds of this financing will be used for exploration and development of the Company's properties and for general corporate expenses. The Flow-Through expenses will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year. The shares issued under this private placement will be subject to a four month hold period under applicable Canadian securities legislation.
Jim Engdahl, President and CEO of Great Western Minerals Group, says "We thank all of those who supported this financing, including new and existing shareholders, management, employees and directors of Great Western Minerals Group. With this financing, we will maintain our momentum on key activities and continue to move forward with our plans."
Jim Engdahl, President
About Great Western Minerals Group Ltd.
Great Western Minerals Group Ltd. is a Canadian-based company exploring for, and developing, strategic metal resources in North America. Pursuing a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produces a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements. |
