SHAREHOLDERS of Osborne Park-based iron ore hopeful Golden West Resources Ltd voted down a proposal to raise $22 million through a share issue, leading the company to review other capital raising avenues. At a general meeting they also voted against the re-election of non-executive director Patrick Gallagher and the issuing of share options to Mr Gallagher. The meeting provided for the continuation on the board of executive director and general manager of operations Peter Thompson, a former MIM Holdings and Xstrata executive, and Constantino Markopolous, a Melbourne-based specialist in strategic procurement. In line with its Wiluna Iron Ore Project project’s maturing status, the responsibility for the structure and nature of capital raisings and project financing will increasingly be influenced by boutique merchant bank, Azure Capital.