SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 10, 2008) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) announces that, subject to the approval of the TSX Venture Exchange, the Company will issue a total of 1,339,961 common shares of GWMG at a price of $0.09 per share for a total value of $120,596.54 to settle outstanding debt obligations.
Specifically, 564,156 shares will be issued to Bennett Jones, LLP for a value of $50,774.06; JD Mollard and Associates Limited will receive 639,865 shares for a value of $57,587.86; and Transwest Air will receive 135,940 shares for a value of $12,234.62. All shares issued will be subject to a 4-month hold period following their issue.
Jim Engdahl, President, Great Western Minerals Group says, "We appreciate the consideration of these suppliers to accept payment in shares of GWMG. We want to ensure that we maintain sufficient cash for operations while keeping current with those providing services to us."
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 Ltd. located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries.
Jim Engdahl., President
CUSIP: 39141Y 10 3 |
