Raisebook

Advanced Stage WA Gold Exploration Project
Western Gold Resources Limited
Western Gold Resources Limited
Unlisted
  • The Wiluna West Gold Project is an advanced exploration project.
  • The project has a JORC Resource of 4,570,000 tonnes at 2.0 g/t Au for 293,000 oz Au, using a cut-off grade of 0.5 g/t Au
  • The combined resource contains: Measured Resource of 30,000 tonnes at 3.0 g/t Au for 3,000 oz Au, Indicated Resource of 490,000 tonnes at 2.3 g/t Au for 36,000 oz Au and an Inferred Resource of 4,050,000 tonnes at 2.0 g/t for 254,000 oz Au;
  • The Company’s Board believes that tremendous exploration upside exists along the relatively unexplored 22km of the Joyners Find Greenstone Belt within the project, which sits adjacent to the prolific Norseman-Wiluna Greenstone belt
  • The company intends to realise the true potential of its gold portfolio by aggressively and systematically exploring whilst advancing the brownfields resource.
  • Market cap of $14.3 - $16.3M on listing, EV of $9.3M with EV/Resource of ~ $32/oz.
Raise Amount
$5,000,000
Offer Price
$0.2000
Closes
May 27, 2021

Western Gold Resources Ltd is currently a wholly owned subsidiary of GWR Group Ltd (ASX: GWR), whose principal business is iron ore production from its Wiluna West Iron Ore Project.

Western Gold Resources Ltd owns the Wiluna West Gold Project through a wholly owned subsidiary.

The Wiluna West Gold Project is an advanced exploration project with a combined JORC-2012 Mineral Resource of 4,570,000 tonnes at 2.0 g/t Au for 293,000 oz Au, comprised of:

  • Measured Resource of 30,000 tonnes at 3.0 g/t Au for 3,000 oz Au,
  • Indicated Resource of 490,000 tonnes at 2.3 g/t Au for 36,000 oz Au and,
  • Inferred Resource of 4,050,000 tonnes at 2.0 g/t for 254,000 oz Au).

The resources are across a number of deposits.

These gold deposits are located on granted mining leases and subject to a Native Title Agreement.

In addition to this significant existing JORC-2012 Mineral Resource, the Board believes that tremendous exploration upside exists along the relatively under-explored 22km of the Joyners Find Greenstone belt within the Wiluna West Gold Project, which sits adjacent to the prolific Norseman- Wiluna Greenstone belt.

It is Western Gold’s intention to realise the true potential of its gold portfolio by aggressively and systematically exploring the 22km of Joyners Find Greenstone Belt whilst also advancing the brownfields resource.

The Offer

Western Gold Resources Ltd (ACN 139 627 446) is offering a minimum of 25,000,000 Shares at an issue price of $0.20 per Share to raise $5,000,000 and a maximum of 35,000,000 Shares at an issue price of $0.20 per share to raise $7,000,000.

All Shares issued pursuant to this Prospectus will be issued as fully paid ordinary Shares and will rank equally in all respects with the Shares already on issue.

Western Gold has appointed GTT Ventures and Lazarus Corporate Finance as joint lead brokers.

The offer of the securities are made in, or accompanied by, a copy of the Disclosure Document which can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page.

Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the Disclosure Document.

Before making an investment decision, potential investors should read the Disclosure Documents entirely, and seek professional financial advice.

Investors should be aware that there are risks associated with an investment in this Company.

The company has no income producing assets and will generate losses for the foreseeable future.

Prospective investors in the Company should be aware that subscribing for Shares that are the subject of this Prospectus involves a number of risks. These risks are set out in Section 6 and investors are urged to consider those risks carefully (and, if necessary, consult their professional adviser) before deciding whether to invest in the Company.

Pro Forma Capital Structure

The pro forma capital structure is summarised below:

Type of Security Number assuming Minimum Subscription % Number assuming Minimum Subscription %
Fully Paid Ordinary Shares
Eligible GWR shareholders 36,125,000 50.61 36,125,000 44.4
Share issued to seed investors on admission to the Official List 10,250,000 14.36 10,250,000 12.60
New investors pursuant to the Offer 25,000,000 35.03 35,000,000 43.00
Total Shares 71,375,000 100 81,375,000 100
Options
Director Options 10,000,000 76.92 10,000,000 76.92
Broker Options 3,000,000 23.08 3,000,000 23.08
Total Options 13,000,000 100 13,000,000 100

Note:

  1. The Company’s Managing Director, Mr Warren Thorne, is also eligible for certain performance based shares (refer Section 5.4 of the Prospectus)
  2. Director Options are exercisable at $0.25 on or before July 1st 2024
  3. Broker Options are exercisable on or before February 28th 2024.

Indicative Timetable

Indicative Timetable Date
Lodgement of Prospectus with ASIC 18 May 2021
Opening Date 18 May 2021
Closing Date 8 June 2021
Ex date for GWR in-specie distribution 6 July 2021
Record Date for GWR in specie-distribution 9 July 2021
Completion of in-specie distribution 13 July 2021
Issue of new Shares to seed capital investments 13 July 2021
Allotment of new Shares to Applicants 13 July 2021
Despatch of Holding Statements 14 July 2021
Expected Date for listing on ASX 1 July 2021


This deal closed on May 27, 2021