Great Western Mining Corporation plc
LSE : GWMO

August 04, 2011 04:15 ET

Update Re: Proposed Admission to AIM

                                                                                              4 August 2011

                                   Great Western Mining Corporation PLC
                                  ('GWM' or the 'Company' or the 'Group')
                                                     
                                   Update Re: Proposed Admission to AIM

GWM,  (PLUS:GWMO), the Irish registered mining exploration company with claims located in Mineral  County,
Nevada,  USA,  announces that in connection with its proposed admission to the AIM Market of  London  Stock
Exchange plc ("AIM"), a Schedule One announcement prior to admission in accordance with Rule 2 of  the  AIM
Rules for Companies has today been released.

It is expected that admission  to AIM will become effective in conjunction  with  a  proposed  £979,195
fundraising, via a proposed placing of 8,901,773 new ordinary shares at a proposed issue price of 11  pence
per ordinary share (the "Proposed Placing").  It is expected that the Company's admission to trading on AIM
will become effective on 18 August 2011.  The Proposed Placing is, inter alia, conditional on the Company's
admission  to  trading  on AIM. Following the completion of the Proposed Placing,  the  Company's  enlarged
issued share capital will consist of 46,389,201 ordinary shares, with each ordinary share having one  right
to  vote. The Company, at this stage, has not yet made a decision regarding whether it will withdraw  from,
or remain quoted on, the PLUS-quoted market.

It is expected that the Company's Chairman, Emmett O'Connell, will participate in the Proposed Placing, and
will  purchase  500,000 ordinary shares at an issue price of 11 pence per ordinary share. As  a  result  of
Emmett  O'Connell's  proposed participation, his shareholding in the Company will increase  from  6,952,818
ordinary  shares (representing 18.55% of the voting rights in the current issued ordinary share capital  of
the  Company) to 7,452,818 ordinary shares (representing 16.07% of the voting rights in the enlarged issued
ordinary  share capital of the Company after the Proposed Placing and admission to AIM). Emmett O'Connell's
above  holdings include ordinary shares held by his wife, Mary O'Connell, and ordinary shares held  by  the
Emmett O'Connell pension fund.

The  Company's interim results for the six months to 30 June 2011 are due to be announced on or  before  30
September 2011, and as such the Company is currently in a 'Close Period' as defined in Rule 72 of Part 2 of
the  PLUS  Rules  for  Issuers. In  order  to allow Emmett O'Connell to participate  in  the  Proposed
Placing, PLUS Stock Exchange plc has granted the Company a derogation from compliance with Rule 72 in
respect of  the  Proposed  Placing  on  the  grounds that exceptional  circumstances exist since Emmett
O'Connell's participation in the Proposed Placing is material to its success and the Proposed Placing  is
necessary to safeguard the continuity of the Company's business.

The market  capitalisation of the Company on admission to AIM is expected to be approximately £6.5million.
The Schedule One announcement also states that since incorporation, the Group has surveyed and staked 896
claims comprising a total of approximately 7,305 hectares.

The Company's Admission Document, which will contain full details about the Company and the  admission  of
its ordinary  shares to AIM, will become available at www.greatwesternmining.com in due course. Further
announcements will be made as and when appropriate.




THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

                                                ---ENDS---
                                                     


ENQUIRIES:

Great Western Mining Corporation PLC
Melvyn Quiller, Chief Executive
Telephone: 07712 899588
Email:  melvyn.quiller@gmail.com

SVS Securities PLC
PLUS Corporate Advisor
Alex Brearley
Telephone: +44 (0) 207 638 5600

Hansard Communications Limited
Nicholas Nelson
Telephone: +44 (0) 207 245 1100

Libertas Capital Corporate Finance Limited
Tim Cofman, Neil Pidgeon
Telephone: +44 (0) 207 569 9650

WEBSITE:  www.greatwesternmining.com

Contact Information

  • Great Western Mining Corporation plc