Great Western Minerals Group Ltd.
TSX VENTURE : GWG
PINK SHEETS : GWMGF

Great Western Minerals Group Ltd.

March 19, 2009 19:00 ET

Great Western Minerals Group Closes Private Placement

SASKATOON, SASKATCHEWAN--(Marketwire - March 19, 2009) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Great Western Minerals Group Ltd. ("GWMG" or the "Company") announced today that it has closed a non-brokered private placement previously announced on February 9, 2009.

The Company issued a total of 1,595,443 Units at a price of C$0.09 per unit, for total proceeds of C$143,589, subject to regulatory approval. Each Unit consists of one common share of the Company plus one common share purchase warrant. Each common share purchase warrant will be exercisable into one common share of the company, at a price of C$0.15 per share for a period of twenty four months following the close of this transaction.

The proceeds of this financing will be used for general corporate purposes. 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 said, "We appreciate the support we received from the participants of this financing. The current market conditions require innovation and we are currently evaluating additional financing alternatives with other sources of capital and expect to provide more information on some of those initiatives in the coming weeks. In the meantime in consideration of the current economic environment, we are prudently managing our resources."

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, produce 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.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction. The securities to be issued pursuant to the Offering by the Company have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Great Western Minerals Group Ltd.
    Ron Malashewski
    Manager of Investor Relations
    (306) 659-4500
    or
    Great Western Minerals Group Ltd.
    226 Cardinal Crescent
    Saskatoon, SK S7L 6H8
    Email: info@gwmg.ca
    Website: www.gwmg.ca