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Friday, 5 October 2012
Great Western Minerals (CVE:GWG) says the junior resource company's secured convertible bonds are now listed on the U.K. Professional Securities Market exchange.
After raising $90 million earlier this year in a bond offering, the company made a successful application to the Financial Services Authority for the bonds to be traded on the securities market of the London Stock Exchange.
The professional securities market enables companies to raise capital through the listing of specialist securities, including debt and depositary receipts.
Great Western said that potential investors in the bonds must satisfy the criteria of the market to use its exchange facilities.
On Monday, the company reported one of its subsidiaries was chosen by the U.S. Defense Department to conduct a supply chain assessment for high purity yttrium oxide.
The company's rare earths processing subsidiary, Great Western Technologies, of Troy, Michigan, was chosen by the Department of Defense.
Yttrium oxide is used in several defence applications like polishing compounds for precision lasers and thermal barrier coatings for jet engines.
Great Western is a rare earth processor. Its specialty alloys are used in the magnet, battery, defence and aerospace industries.
Produced at the company's subsidiaries in the U.S. and the U.K., the alloys contain aluminum, nickel, cobalt and rare earth elements.
As part of its vertical integration strategy, Great Western also holds 100 per cent of Rare Earth Extraction Co. Limited, which owns a 74 per cent equity stake in the Steenkampskraal Mine in South Africa. It also holds a portfolio of rare earth exploration properties in North America.