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AIM & ESM Rule 26

Business Description

Great Western Mining, incorporated in 2004, is a mineral exploration company focussed on copper, silver, gold and other mineral targets in Mineral County in the US state of Nevada. Since incorporation, the Group has surveyed and staked 896 claims comprising of a total of approximately 7,305 hectares. These claims are split into three groups covering six separate areas:

The Black Mountains Group 198 full claims and 36 fractional claims over an area of approximately 1,848 hectares;

The Huntoon Group This area comprises of 164 full claims and 12 fractional claims and covers approximately 1,396 hectares;

The Golconda Thrust Group This area contains 486 claims spread over four separate blocks covering approximately 4,061 hectares in total.

Great Western Mining was incorporated in Ireland on 20 October 2004 and its ordinary shares were admitted to trading on PLUS in October 2006 where the Company successfully raised €2m. This sum was used to fund the acquisition of claims, the acquisition of data and the preliminary survey work including aeromagnetic and ASTER image studies, preliminary sampling, metallurgical testing and general overheads. GWM has also identified eight further sites and has the intention to explore them further.

In August of 2011, the Company raised £0.98m (before expenses) through a Placing on Admission to AIM. The net proceeds from this fundraising will be used to explore the previously eight identified sites, the purpose of which is to evaluate and rank the eight targets and advance one or more of them to the drilling stage subject to results, which the Directors believe will enable it to establish a resource estimate and prepare a preliminary feasibility study for the development of a mine.

In the final quarter of 2014 the Company established a maiden JORC compliant Inferred Mineral Resource on the M2 copper-gold prospect. The company has submitted a Plan of Operations, to the United States Forestry Service, for a discovery level drilling programme on a second prospect, Target 4.

Director Biographies

Chairman - Brian Hall

Brian has spent virtually his entire career in natural resources, commencing in the North Sea oil industry in the 1970s.  In 1991 he became CEO of Aminex PLC, an international oil and gas company, launching a successful venture into Russia in 1993 and distributing the exit profits to shareholders in 2001.  He has worked in many countries and has guided Aminex, where he is currently chairman, through several significant ventures.  Earlier in his career he was part of the team which developed Argyll, the UK’s first offshore producing oilfield and he subsequently founded Halyard Offshore, an oil industry services company.  By profession he is a Chartered Accountant.

Chief Executive - David Fraser

After completing a degree in Economics, David entered the City in 1982 as a commodity and derivatives broker, working for leading institutions such as Merrill Lynch and Société Générale, latterly in management roles. In 1993, he established a successful regulated corporate broking and advisory operation, which was subsequently sold to the Dawnay Day investment banking group.

David has advised smaller companies in raising private equity finance to back management buyouts and has advised on a number of transactions relating to the AIM market.

Finance Director and Company Secretary - Melvyn Quiller

Melvyn qualified as a Mechanical Engineer at Westminster University. Having spent a substantial part of his career as the managing director of the company within the 600 Group plc responsible for overseas engineering projects in the Middle East, Far East and Eastern Europe, there followed a period as CEO of a Qatari organisation providing global secure satellite and optic fibre networks from its operational centres in Eastern Europe. Before joining Great Western Mining he was involved in mineral exploration projects in Russia and the Middle East.

Operations Director- Robert O'Connell 

Robert graduated from Texas Christian University and has since gained 15 years experience in oil and gas and mineral exploration in the USA. For the last seven years he has led the surface exploration effort on Great Western’s properties.

Corporate Governance

The Directors acknowledge the importance of good governance and although compliance with the Corporate Governance Code is not compulsory for companies registered in Ireland and admitted to AIM, the Directors intend to apply the principles as far as practicable and appropriate for a company of its nature and size. It is also the intention of the Directors to use their reasonable endeavours to ensure that the Company will comply with the QCA Corporate Governance Guidelines for Smaller Quoted Companies.

The Board holds meetings four times a year and at other times as and when required. Since admission, the audit committee and the remuneration committee have come into effect.

Audit Committee

The audit committee is chaired by Brian Hall and also includes David Fraser. The audit committee is responsible for providing formal and transparent arrangements for considering how to apply suitable financial reporting and internal control principals with regards to good corporate governance, and for monitoring external audit functions including the cost-effectiveness, independence and objectivity of the Group’s auditors.

Remuneration Committee

The remuneration committee is chaired by Melvyn Quiller and also includes Brian Hall. The remuneration committee is responsible for establishing a formal and transparent procedure for developing policy on executive remuneration, and to set the remuneration packages of individual Directors. This includes agreeing with the Board the framework for remuneration of the Executive Directors and such other members of the Executive Management of the Company as it is designed to consider. It is also responsible for determining the total individual remuneration packages of each Executive Director including, where appropriate, bonuses, incentive payments and share options. No Director will play any part in any decision on his own remuneration.

Country of Incorporation and Operations

Great Western Mining was incorporated in the Republic of Ireland, number 392620. The main area of operation is Mineral County in Nevada, USA.

Shareholder Rights

As the company is not incorporated in the UK, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company.

Trading Platform Details

Great Western Mining PLC is listed on the AIM market of the London Stock Exchange and the Enterprise Securities Market of the Irish Stock Exchange.

Significant Shareholders 

Shareholder

Number of Ordinary Shares Held

Percentage Holding

Hargreaves Lansdown (Nominees) Ltd

116,739,230

19.70%

HSDL Nominees Ltd

76,393,846

12.89%

TD Direct Investing Nominees Ltd

68,539,759

11.56%

Barclayshare Nominees Ltd

66,664,118

11.25%

Lynchwood Nominees Ltd

24,736,092

4.17%

Wealth Nominees Ltd

24,073,717

4.06%

Investor Nominees Ltd

23,640,974

3.99%

SVS Nominees Ltd

HSBC Client Holding Nominee (UK) Limited

21,639,831

18,786,822

3.57%

3.17%


Number of securities in issue

The Company's issued share capital consists of 592,673,809 Ordinary Shares of €0.0001 each, and 264,823,809 Deferred Shares of €0.0099 each.

Percentage of shares not held in public hands

Currently 2.26% of the issued share capital is not in public hands.

Restrictions 

There are no restrictions on the transfer of the Company’s securities.

Advisers
Please click here to view details of the Company's Nominated Adviser and other key advisers.

Admission Document

Please click here to view the Company's admission document

Articles of Association

Please follow this link to the Company's Articles of Association

 

Updated August 2017