Post by Franko10 ™ on Sept 20, 2004 15:48:13 GMT -5
NEWS RELEASE
CONDITIONAL ACCEPTANCE FOR FINANCING RECEIVED
Gary Billingsley, President, is pleased to announce that, further to its news release of May 7, 2004, the Company has received conditional acceptance from the TSX Venture Exchange (the “Exchange”) of the non-brokered private placement (the “Private Placement”) of up to 8 million units (“Units”) at a price of $0.20 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each such warrant will allow the holder to purchase one additional common share at a price of $0.25 per common share and is exercisable for a period of two years following issuance, subject to adjustment in certain circumstances. The majority of the Units are expected to be placed with a single foreign investor.
Final acceptance of the private placement by the Exchange is subject to the filing of additional documentation and the satisfaction of certain conditions specified by the Exchange. Shareholder approval will also be required in the event the Private Placement results in creation of a new control person of the Company. A further press release will be issued upon completion of the Private Placement.
Proceeds from the financing will be used to further advance the exploration and development of the Company's Hoidas Lake rare earth project in northern Saskatchewan , and the Chuckwalla gold/copper project in the United States .
Gary L. Billingsley, C.A. , P.Eng., P.Geo.
President
For further information contact the Company at (306) 668-0701. All email inquiries should be made to info@gwmg.ca (website: http://www.gwmg.ca) Direct mail: Great Western Minerals Group Ltd., 119A Cardinal Crescent, Saskatoon, SK S7L 6H5
(The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents)
© 2004 Great Western Minerals Group Ltd.