Post by Franko10 ™ on Sept 20, 2004 15:42:31 GMT -5
Great Western Minerals Group Ltd.
119A Cardinal Crescent
Saskatoon, SK S7L 6H5
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
December 1, 2003
PRIVATE PLACEMENT
Gary Billingsley, President, reports that the Company is proceeding with a non-brokered private placement for a maximum amount of $750,000. The financing will be structured as follows:
Units: Maximum 3,000,000
Price: $0.25 per unit
Each Unit: Either one flow-through common share or one common share
One-half a common share purchase warrant
Warrants: One purchase warrant plus $0.35 can be exchanged for one common share for a period of two years
Initially the offering will be available to residents of British Columbia and Alberta.
The proceeds will be used to explore and develop the Company's rare earth project at Hoidas Lake, Saskatchewan; advance the Candle Lake diamond project and for working capital purposes.
Further to the update issued September 5, 2003, management has now terminated and cancelled all agreements with SB Globe Alliance Corp. including the convertible note. No progress had been made in releasing funds allegedly being held pursuant to clearance under the Patriot Act. Management is currently considering legal action in this matter.
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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.
119A Cardinal Crescent
Saskatoon, SK S7L 6H5
TSX VENTURE: GWG
USA OTC Symbol: GWMGF
CUSIP: 39141Y 10 3
December 1, 2003
PRIVATE PLACEMENT
Gary Billingsley, President, reports that the Company is proceeding with a non-brokered private placement for a maximum amount of $750,000. The financing will be structured as follows:
Units: Maximum 3,000,000
Price: $0.25 per unit
Each Unit: Either one flow-through common share or one common share
One-half a common share purchase warrant
Warrants: One purchase warrant plus $0.35 can be exchanged for one common share for a period of two years
Initially the offering will be available to residents of British Columbia and Alberta.
The proceeds will be used to explore and develop the Company's rare earth project at Hoidas Lake, Saskatchewan; advance the Candle Lake diamond project and for working capital purposes.
Further to the update issued September 5, 2003, management has now terminated and cancelled all agreements with SB Globe Alliance Corp. including the convertible note. No progress had been made in releasing funds allegedly being held pursuant to clearance under the Patriot Act. Management is currently considering legal action in this matter.
--------------------------------------------------------------------------------
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.