Post by Franko10 ™ on Sept 20, 2004 15:48:43 GMT -5
NEWS RELEASE
FINANCING CLOSED
Great Western Minerals Group Ltd. (the “Company”) is pleased to announce that it has successfully closed the non-brokered private placement of 5,000,000 units (the “Units”), which it previously announced on May 7, 2004, to a single investor at a price of $0.20 per unit for gross proceeds of $1,000,000. Each Unit is comprised of one common share and one common share purchase warrant. Each such warrant will allow the holder to purchase on additional common share of the Company 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.
Common shares and warrants issued under this private placement shall be subject to a four month hold period expiring on October 29 , 2004 . A finder's fee equal to 10% of the gross proceeds was paid to an arms' length third party in connection with the private placement.
Proceeds of the private placement will be used to further advance the exploration and development of the Corporation's Hoidas Lake and 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.