Great Western Minerals Group Issues Installment Payment on Advisory Agreement
April 25 2011 - 4:24PM
Marketwired
Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX
VENTURE: GWG) (OTCQX: GWMGF) announces that it issued its monthly
installment payment under the terms of its advisory agreement (the
"Agreement") with Byron Securities Limited ("Byron").
As announced previously (see December 13, 2010 GWMG News
Release: "Great Western Minerals Group Enters Into Advisory
Agreement With Byron Securities"), GWMG entered into a six month
Agreement with Byron to facilitate GWMG's access to capital
markets.
The $60,000 monthly installment was paid in April 2011 through
the issuance of 71,191 common shares of GWMG at a price of $.8428
based on the VWAP on the last ten trading days of March 2011.
Great Western Minerals Group Ltd. is an integrated Rare Earths
processor. Its specialty alloys are used in the battery, magnet and
aerospace industries. Produced at the Company's wholly owned
subsidiaries Less Common Metals Limited in Birkenhead, U.K. and
Great Western Technologies Inc. in Troy, Michigan, these alloys
contain aluminium, nickel, cobalt and Rare Earth Elements. As part
of the Company's vertical integration strategy, GWMG has signed an
Off-take Agreement for 100% of the Rare Earth Elements to be
produced at the former producing Steenkampskraal mine in South
Africa and holds 92.6% equity ownership in Rare Earth Extraction
Co. Limited, the owner of the Steenkampskraal mine. In addition to
a planned exploration program at Steenkampskraal, GWMG also holds
interests in six Rare Earth exploration and development properties
in North America.
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements (often, but
not always, identified by the use of words such as "expect", "may",
"could", "anticipate" or "will" and similar expressions) may
describe expectations, opinions or guidance that are not statements
of fact and which may be based upon information provided by third
parties. Forward-looking statements are based upon the opinions,
expectations and estimates of management of GWMG as at the date the
statements are made and are subject to a variety of known and
unknown risks and uncertainties and other factors that could cause
actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. Those
factors include, but are not limited to, the results of the
exploration program and a Resource Estimate at Steenkampskraal,
satisfaction of the conditions precedent with respect to GWMG's
offtake agreement, receipt of all required approvals (including
those relating to the commencement of production at the
Steenkampskraal mine) and risks, uncertainties and other factors
that are beyond the control of GWMG, risks associated with the
industry in general, commodity prices and exchange rate changes,
operational risks associated with exploration, development and
production operations, delays or changes in plans, risks associated
with the uncertainty of reserve or resource estimates, health and
safety risks and the uncertainty of estimates and projections of
production, costs and expenses. In light of the risks and
uncertainties associated with forward-looking statements, readers
are cautioned not to place undue reliance upon forward-looking
information. Although GWMG believes that the expectations reflected
in the forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
The forward-looking statements of GWMG contained in this News
Release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement and the
risk factors contained in GWMG's current annual information form
available at www.sedar.com.
CUSIP: 39141Y 10 3
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Great Western Minerals Group Ltd. Dwight Percy Manager
of Investor Relations (306) 659-4500 info@gwmg.ca www.gwmg.ca Great
Western Minerals Group Ltd. 219 Robin Crescent Saskatoon, SK S7L
6M8
Great Western Minerals (CE) (USOTC:GWMGF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Great Western Minerals (CE) (USOTC:GWMGF)
Historical Stock Chart
From Jul 2023 to Jul 2024