By Devika Patel
Knoxville, Tenn., Aug. 12 - Golden West Resources Ltd. said it plans to raise A$26.64 million in a private placement of stock.
The company will sell 14.4 million shares at A$1.85 apiece to China's Hunan Valin Steel Tube & Wire Co., Ltd.
The deal is conditional on Chinese government and Australian FIRB approval.
Proceeds will be used to continue the company's aggressive exploration and development program at the Wiluna West Iron Ore Project.
Based in Osborne Park, Western Australia, Golden West is a mineral exploration company.
| Issuer: | Golden West Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$26.64 million
|
| Shares: | 14.4 million
|
| Price: | A$1.85
|
| Warrants: | No
|
| Investor: | Hunan Valin Steel Tube & Wire Co., Ltd.
|
| Settlement date: | Aug. 12
|
| Stock symbol: | Australia: GWR
|
| Stock price: | A$1.69 at close Aug. 12
|
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