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.