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     1234  0 Kommentare Great Western Minerals Provides Update Regarding Filing of Reporting Documents and Director Resignation

    SASKATOON, SK--(Marketwired - May 11, 2015) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) today announced that the Company's principal regulator, the Financial and Consumer Affairs Authority of Saskatchewan (the "Commission") has issued a cease trade order which ceases all trading in securities of the Company until GWMG files the Reporting Documents (as defined below).

    Previously, on March 30, 2015, the Company announced that it would be unable to file its audited consolidated annual financial statements for the year ended December 31, 2014, its management's discussion and analysis and the CEO and CFO certificates in respect of those financial statements (collectively, the "Reporting Documents") by March 31, 2015. As a result of the delay in filing the Reporting Documents, the Commission issued a management cease trade ("MCTO") order on April 2, 2015, restricting all trading in securities of the Company by the Company's Chief Executive Officer and Chief Financial Officer. In light of the issuance of the cease trade order today, the Company will no longer be issuing bi-weekly default status reports in respect of the MCTO.

    As previously announced, the Company has entered into a support agreement dated April 29, 2015 with holders (the "Supporting Bondholders") of approximately 65.3% of its US$90 million 8.00 percent Secured Convertible Bonds due 2017 (the "Convertible Bonds") pursuant to which the Company, with the support of the Supporting Bondholders, will pursue an orderly process for the solicitation of interests in the Company's business, property and assets pursuant to a sale and investor solicitation process (the "SISP") to be implemented pursuant to proceedings commenced by the Company under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). PricewaterhouseCoopers Inc. has been appointed Monitor in the CCAA proceedings and is supervising the SISP.

    In addition, the Company also announces that Mr. Bruce Higson-Smith resigned from the board of directors of the Company effective as of May 8, 2015. Mr. Robert Quinn, Chairman of the board of directors of the Company, commented, "We appreciate the many contributions to the board made by Mr. Bruce Higson-Smith and wish him the best in his future endeavours."

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    Great Western Minerals Provides Update Regarding Filing of Reporting Documents and Director Resignation SASKATOON, SK--(Marketwired - May 11, 2015) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) today announced that the Company's principal regulator, the Financial and Consumer Affairs Authority of …