Wesgold Completes Final Tranche of Private Placement; Raises Total of $5.15 Million

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 16, 2012 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is\n pleased to announce that it has closed the final tranche of its\n previously announced non-brokered private placement by issuing\n 4,466,668 units at $0.75 per unit, for gross proceeds of $3.35\n million.  Combined with the first tranche proceeds, Wesgold has\n received total proceeds of $5.15 million from this financing.\n\n\nEach unit in the placement consists of one common share and one-half of\n a warrant, each whole warrant entitling the holder to purchase one\n additional common share for two years at $1.00.  The Company also\n issued 113,125 common shares and 212,896 warrants as finders' fees in\n connection with the second portion of the financing.  The finders' fee\n warrants have the same terms as the unit warrants.  All of the shares\n and warrants issued in this tranche have a resale restriction until\n August 12, 2012.\n\n\nThe net proceeds of the placement will be used towards the acquisition\n and exploration of the Cordoba Property, Colombia and for general\n working capital purposes.\n\n\nEarly Warning Report\n\n\nAs a result of his participation in the private placement, Simon\n Ridgway, of 200 Burrard Street, Suite 650, Vancouver, BC, has acquired\n 358,335 common shares of the Company at a price of $0.75 each, as well\n as share purchase warrants to purchase a further 179,168 shares of the\n Company which are exercisable for two years at a price of $1.00 per\n share.  As a result, Mr. Ridgway owns directly or controls a total of\n 3,420,601 shares, which represents 19.3% of the issued and outstanding\n shares of the Company.  Assuming the exercise of his warrants in full,\n Mr. Ridgway would own or control 3,599,769 shares, or 20.1% of the then\n issued capital of the Company.\n\n\nThe shares were acquired by Mr. Ridgway for investment purposes, and he\n may from time to time, directly or indirectly, acquire additional\n securities of the Company.  Mr. Ridgway has filed on www.sedar.com a report pursuant to NI 62-103.\n\n\nAbout Wesgold Minerals\n\n\nWesgold Minerals Inc. is a Vancouver-based mineral exploration company\n focused on the acquisition and exploration of gold and copper projects\n in Colombia. Wesgold recently acquired from Minatura International an\n 11% interest in the Cordob...

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