Great Western Minerals to Sell Subsidiary’s “Redundant” Assets

Great Western Minerals Group Ltd. (TSXV:GWG,OTCQX:GWMGF) announced yesterday that it has entered into an agreement to sell the “redundant manufacturing assets” of Great Western Technologies Inc., its subsidiary.

The liquidation was approved by Great Western Minerals’ board of directors on March 20, 2014.

As quoted in the press release:

The transaction is expected to close during the second quarter of 2014 and the proceeds from the asset sale will be used to offset a portion of GWTI’s existing liabilities, which includes an estimated US$1.2 million facility restoration liability, as well as other lease and closing costs.

Marc LeVier, Great Western’s president and CEO, commented:

This agreement provides an efficient means to sell redundant assets and reduce liabilities associated with the GWTI closing process. This also allows us to expedite the closing, which, beyond saving some lease and other operating costs, eliminates the distraction of managing the facility cleanup process so we can focus on executing our mine to metal vision.

Click here to read the full Great Western Minerals Group Ltd. (TSXV:GWG,OTCQX:GWMGF) press release.