Norwest Minerals Limited (ASX:NWM) is primarily a gold and base metals exploration company formed to allow the spin-off of Australian Mines Limited’s portfolio of prospective gold and base-metal properties in WA. Norwest’s strategy is to focus on delineating an economically viable resource capable of transforming the Company from an explorer into a mineral producer.
The Company has received binding firm commitments from sophisticated investors to subscribe for $4,000,000 under the Cornerstone Offer, $3,000,000 of which is from certain Directors or entities controlled by them.
Norwest Minerals intends to aggressively explore its portfolio of five projects. The Gold and Base-Metal Projects are prospective for gold and/or base metals and make up a total package of 19 tenements (all granted) covering over 1,800 square kilometres.
Norwest Minerals will be led by Charles Schaus, who has extensive experience as a manager in the resource industry, including the founding of Aurox Resources Limited, which he successfully merged with Atlas Iron Limited in 2010 in a scheme of arrangement valuing Aurox at over $130 million.
Norwest Minerals Limited is looking to raise $6.6 million, and will have an estimated market capitalisation of $12.6 million on completion of the offer. As mentioned above, the Company has received binding firm commitments totalling $4,000,000.
The Company intends to use the funds raised under the Offer as follows:
The Gold and Base-Metal Projects and the Company’s proposed exploration program is set out below.
Location map of Norwest's five projects all located in Western Australia
The company’s proposed exploration program mostly focuses on drilling. The proposed timeline for the period to 30 September 2020 is shown below:
Norwest’s business model is to focus on increasing shareholder value, directing funds raised by the Offer as efficiently as possible into in-ground exploration, and project development to:
Norwest Minerals Limited is led by an experienced board. These include:
You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 5 of the prospectus, Norwest Minerals Limited is subject to a range of risks, including but not limited to land access and tenure, native title access, liquidity and failure to satisfy expenditure commitments.
Section 734(6) disclosure: The issuer of the securities is Norwest Minerals Limited ACN 622 979 275. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.
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Norwest Minerals Limited (ASX:NWM) is a gold and base metals exploration company with projects located among world-class mineral discoveries in Western Australia and boasts exciting walk-up drill targets. The Company has received binding firm commitments totalling $4,000,000 and is led by CEO, Charles Schaus, who has extensive experience as a manager in the resource industry. Norwest’s strategy is to focus on delineating an economically viable resource capable of transforming the Company from an explorer into a mineral producer.