Key Developments: Great Western Minerals Group Ltd (GWMGF.PK)
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17 Jun 2013
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Latest Key Developments (Source: Significant Developments)
Great Western Minerals Group Ltd Announces Letter Of Intent With Great Western Minerals For Option And Joint Venture On Hoidas Lake Project
Star Uranium Corp. announced that it has entered into a Letter of Intent (LOI) with Great Western Minerals Group Ltd. (GWMG) that sets out the basic terms and conditions by which Star will have the right and option to acquire up to a 51% participating interest (the Interest) in the mineral and other related rights in and to GWMG's Hoidas Lake Rare Earth Project (the Hoidas Lake Project), an area comprised of fourteen mineral claims totaling approximately 12,522 hectares and related property in northern Saskatchewan. Star's right to acquire the Interest will be segregated into two tranches. Star will have the right to acquire a 25% participating interest in the Hoidas Lake Project by funding and completing a preliminary economic assessment in respect of the Hoidas Lake Project within two years. Upon successfully exercising the first tranche and acquiring a 25% participating interest, Star will have the right to acquire a 26% participating interest in the Hoidas Lake Project by funding and completing a feasibility study in respect of the Hoidas Lake Project within four years of the completion of the preliminary economic assessment. The completion of the transaction is subject to the acceptance of the TSX Venture Exchange and all other required approvals and consents. Full Article
Great Western Minerals Group Ltd Appoints Quinn As Non Executive Chairman-Canada Stockwatch News
Canada Stockwatch News reported that Great Western Minerals Group Ltd has elected Robert Quinn as Non-Executive Board Chairman. Full Article
Great Western Minerals Group Ltd Commences Diamond Drilling at HOB
Great Western Minerals Group Ltd announced that diamond drilling has commenced on the Company’s Home of Bullion (HOB) and Prospect D projects in the Northern Territory. Full Article
Great Western Minerals Group Ltd Announces Management Changes
Great Western Minerals Group Ltd announced that it has appointed Marc LeVier to the position of President and Chief Executive Officer, subject to regulatory approval. The appointment is effective immediately. Full Article
Great Western Minerals Group Ltd Announces Resignation Of Chairman
Great Western Minerals Group Ltd announced the resignations of three long-standing Company directors, Gary Billingsley, the Executive Chairman, Jim Engdahl and Bill McKnight. Mr. Billingsley and Mr. Engdahl remain available to the Company on an as required consulting basis to ensure their expertise can be accessed by GWMG through the transition. The Company continues to make steady progress with Chief Executive Officer (CEO) search process that has attracted highly qualified candidates. Full Article
Great Western Minerals Group Ltd's Great Western Technologies Inc To Conduct Yttrium Oxide Purification Assessment For U.S. Department Of Defense
Great Western Minerals Group Ltd announced that its wholly owned subsidiary, Great Western Technologies Inc. of Troy, Michigan, has been selected by the United States Department of Defense to conduct a supply chain assessment for high-purity yttrium oxide. Yttrium oxide is used in a variety of defense applications including polishing compounds for precision lasers and thermal barrier coatings for jet engines. Full Article
Great Western Minerals Group Ltd Announces CEO And President Retirement
Great Western Minerals Group Ltd announced that President and Chief Executive Officer Jim Engdahl will retire as of October 1, 2012. Robert Quinn, who serves on the GWMG Board of Directors, has been appointed Interim President and Chief Executive Officer effective October 1, 2012. Full Article
Great Western Minerals Group LTD. Announces Closing of USD90 Million Convertible Bond Financing
Great Western Minerals Group LTD. announced the closing of its previously announced offering (the Offering) of USD80 million of secured convertible bonds (the Bonds). In addition, GMP Securities L.P. and ISM Capital LLP, as co-lead agents, together with Byron Capital Markets Ltd. (collectively the Agents), exercised an over-allotment option of USD10 million, resulting in the issuance of Bonds in the aggregate principal amount of USD90 million. The Bonds bear interest at the rate of 8.0% per annum, are payable semi-annually, mature on April 6, 2017, and are convertible into common shares of the Company (GWMG Shares) at a conversion rate of CAD0.66 per share. The Bonds are secured obligations of the Company that have a first charge against the Company's shareholdings in its various operating subsidiaries in the United Kingdom, the United States and South Africa. The net proceeds raised from the Offering will be used: to complete a technical report on the Company's Steenkampskraal property in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects; to advance the development of the Company's Steenkampskraal development project; for the construction of the Company's monazite processing facility; for the construction of the Company's separation facility; for equipment purchases and expansion of Less Common Metals Limited; and for general working capital purposes. Full Article
Great Western Minerals Group LTD. Announces Pricing Of USD80 Million Convertible Bond Financing
Great Western Minerals Group LTD. announced that GMP Securities L.P. and ISM Capital LLP, as co-lead agents, along with Byron Capital Markets Ltd. (collectively, the Agents) have priced the offering (Offering) of secured convertible bonds (the Bonds), as announced on previously, in the amount of USD80 Million. In addition, the Agents have been granted an option to increase the size of the Offering by up to an additional USD10 million at any time at least two days prior to closing and settlement of the Offering. The Bonds will bear interest at the rate of 8%, will become due five years from the date of issuance and will be convertible into common shares of GWMG (GWMG Shares) at a conversion rate of CAD0.66 per share, representing a premium of 20% relative to the closing share price of CAD0.55 per share on the TSX Venture Exchange on March 14, 2012. The closing and settlement of the Offering is anticipated to take place on or about April 5, 2012. Full Article
Great Western Minerals Group LTD. Closes Previously Announced Private Placement
Great Western Minerals Group LTD. announced that the Company and a syndicate of agents co-led by Byron Capital Markets Ltd. (Byron) and Cormark Securities Inc. (Cormark) and including GMP Securities LP (GMP) (collectively Agents) have closed the previously announced private placement. The Agents sold an aggregate of 27,240,050 common shares of the Company at a price of $0.63 per share for gross proceeds of $17,161,232. Such amount represents the full $15 million Offering plus $2.16 million under the over-allotment option granted to the Agents. The Agents were paid a cash commission of $858,062 in connection with the Offering. The Offered Shares will be subject to a four month hold period under applicable Canadian securities legislation. The Company plans to use the proceeds for the continued development of its Steenkampskraal project in South Africa as well as for general corporate purposes. Full Article
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