Business
WestKam Announces Private Placement to Existing Shareholders and Other Investors
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2016) - WestKam Gold Corp. (TSX VENTURE:WKG) (the "Company" or "WestKam") announces that the Company inten
About this update from Big Bear Gold Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2016) - WestKam Gold Corp. (TSX VENTURE:WKG) (the \"Company\" or \"WestKam\") announces that the Company intends to raise up to $2,000,000 by way of a non-brokered private placement (the \"Offering\") of units (\"Units\") and flow-through units (\"FT Units\") of the Company at a price of $0.03 per Unit/FT Unit. Subject to certain limitations discussed below, the Offering is open to all existing shareholders of the Company. The Offering is subject to TSX Venture Exchange (\"TSXV\") final acceptance. The Offering The maximum Offering is 15,333,333 Units and 51,333,333 FT Units for gross proceeds of $2,000,000. Each Unit will consist of one common share in the capital of WestKam and one common share purchase warrant (the \"Warrants\"). Each Warrant will be exercisable into one common share for a period of five years at a price of $0.05/share. Each FT Unit will consist of one flow-through common share in the capital of WestKam and one Warrant. A finder's fee of cash, common shares or Warrants, or a combination thereof, may be paid to eligible finders with respect to any portion of the Offering that is not subscribed for by existing shareholders. The proceeds of the Offering will be used to conduct a Phase II work program on the Company's Bonaparte property, to repay outstanding debt and for working capital and general corporate purposes. Assuming the entire $2,000,000 Offering is completed, the use of proceeds will be as follows: Phase II underground 220m drill program on the Bonaparte property, including drilling, equipment and material costs, support costs including personnel, environmental, and mob/demob ($1,540,000); accounts payable ($160,000); legal/accounting/audit/AGM costs ($60,000); transfer agent fees/regulatory listing and filing fees ($15,500); website/corporate communications ($18,000); finder's fees and commissions ($140,000); rent/office expenses and general supplies ($6,500); consulting fees ($10,000); management fees for CFO and CEO ($30,000); and unallocated/general corporate purposes ($20,000). Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. If the Offering is not fully subscrib...