looks like we get half our entitlement

ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE
Share Purchase Plan Closed Heavily Oversubscribed
The Board advises that the Shareholder Share Purchase Plan (“SSPP”) has closed heavily oversubscribed. Shareholders applied for 145.2 million shares totaling subscription money of $30.5 million, an overwhelming oversubscription of $22.5 million above the $8 million target.
After considering Western Metals’ funding requirements and the clear desire of shareholders to participate in the SSPP and maintain their shareholdings in the Company, the Board has decided to accept oversubscriptions to a level that will maintain a meaningful participation by shareholders and provide additional funds for the Company’s current and impending activities.
Accordingly the Board has resolved to increase the SSPP to a maximum of $15.25 million. This gives participating shareholders 50% of the shares they applied for under the SSPP.
As a result, shareholders electing to acquire
• 14,000 shares at a cost of $2,940 will receive a pro rated entitlement of 7,000 shares at a cost of $1,470; and
• 23,500 shares at a cost of $4,935 will receive a pro rated entitlement of 11,750 shares at a cost of $2,467.50.
The balance of subscription money will be refunded to participating shareholders.
The increased funds raised by the SSPP will underpin acceleration of Western Metals’ activities across its current portfolio. In addition, the Company will continue its aggressive pursuit of other opportunities.
Western Metals now has an excellent platform based on its projects, a high quality professional team and funding to continue its strategic growth plans.
The Board thanks its shareholders and acknowledges shareholders’ support for the Company and its future.
For further information
George Bauk
Managing Director
Western Metals
08 9481 3003
Willie Rowe
Gryphon Management Australia
0417 931 254