Post by Franko10 ™ on Sept 20, 2004 15:37:15 GMT -5
Great Western Minerals Group Ltd.
P.O. Box 69
Saskatoon, SK S7K 3K1
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
May 20, 2003
FINANCING UPDATE
Gary Billingsley, President, in conjunction with SB Globe Alliance Corp. (“SBGA”), report that, further to the May 13, 2003 news release, all closing documents have been executed May 16, 2003, to secure the first two tranches of the financing. The first two tranches total CDN$750,000, or approximately one-half of the convertible note portion of the total financing package. The TSX Venture Exchange has requested shareholder approval be obtained before closing the remainder of the financing. That approval will be sought at the Annual General Meeting June 25, 2003.
SBGA is an integrated knowledge think tank and professional advisory and financial services company through which GWG has arranged a total of US$2 million in funding. The first US$1 million is in the form of a convertible note bearing 9% interest and the second US$1 million is available on a 60-day call and, if called, will be in the form of an equity issue based on market conditions at the time of the call.
A separate CDN$500,000 equity financing with an option including a call put controlled by Great Western for another CDN$500,000 has been negotiated with private investors. SBGA comments, “further to our commitment to strategic metals and Great Western Minerals, some employees of SBGA and close associates of the former have decided to invest in a non-brokered private placement in a show of confidence in the Hoidas Lake story's long-term viability”.
GWG will be using SBGA's services on an on-going basis to provide strategic planning in the areas of corporate development, marketing and financing as the Company advances its mineral properties, in particular the Hoidas Lake rare earth project, through development to production.
The Company also wishes to report that it is in the final stages of recruiting senior mining personnel whose mandate will be taking Hoidas Lake to production and advancing the Company's other mineral projects. An announcement will be made at the successful conclusion of those discussions.
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Great Western Minerals Group Ltd. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds, gold and rare earth elements.
For further information Gary Billingsley at 1 306 220 5377 or Len Willetts at 1 905 544 8502
GREAT WESTERN MINERALS GROUP LTD.
Gary Billingsley
President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.
P.O. Box 69
Saskatoon, SK S7K 3K1
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
May 20, 2003
FINANCING UPDATE
Gary Billingsley, President, in conjunction with SB Globe Alliance Corp. (“SBGA”), report that, further to the May 13, 2003 news release, all closing documents have been executed May 16, 2003, to secure the first two tranches of the financing. The first two tranches total CDN$750,000, or approximately one-half of the convertible note portion of the total financing package. The TSX Venture Exchange has requested shareholder approval be obtained before closing the remainder of the financing. That approval will be sought at the Annual General Meeting June 25, 2003.
SBGA is an integrated knowledge think tank and professional advisory and financial services company through which GWG has arranged a total of US$2 million in funding. The first US$1 million is in the form of a convertible note bearing 9% interest and the second US$1 million is available on a 60-day call and, if called, will be in the form of an equity issue based on market conditions at the time of the call.
A separate CDN$500,000 equity financing with an option including a call put controlled by Great Western for another CDN$500,000 has been negotiated with private investors. SBGA comments, “further to our commitment to strategic metals and Great Western Minerals, some employees of SBGA and close associates of the former have decided to invest in a non-brokered private placement in a show of confidence in the Hoidas Lake story's long-term viability”.
GWG will be using SBGA's services on an on-going basis to provide strategic planning in the areas of corporate development, marketing and financing as the Company advances its mineral properties, in particular the Hoidas Lake rare earth project, through development to production.
The Company also wishes to report that it is in the final stages of recruiting senior mining personnel whose mandate will be taking Hoidas Lake to production and advancing the Company's other mineral projects. An announcement will be made at the successful conclusion of those discussions.
--------------------------------------------------------------------------------
Great Western Minerals Group Ltd. is a diversified, Saskatchewan-based, Canadian mining exploration and development company exploring for diamonds, gold and rare earth elements.
For further information Gary Billingsley at 1 306 220 5377 or Len Willetts at 1 905 544 8502
GREAT WESTERN MINERALS GROUP LTD.
Gary Billingsley
President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
© 2004 Great Western Minerals Group Ltd.