Business
Headwater Gold Closes Oversubscribed $2,660,000 Private Placement
(TheNewswire) Vancouver, British Columbia – TheNewswire - February 15, 2...
About this update from Headwater Gold, Inc.
[{"type":"text","content":"Headwater Gold Closes Oversubscribed $2,660,000 Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n February 15, 2023 -\n \n \n Headwater Gold Inc. (CSE:HWG) (OTC:HWAUF) (the\n\"Company\" or \"Headwater\") is\n \n \n pleased to announce that, further to its news release of\nFebruary 2, 2023, the Company has completed a non-brokered private\nplacement (the “Offering”) to raise gross proceeds of $2,660,000\nthrough the sale of 7,000,000 units of the Company (the “Units”)\npriced at $0.38 per Unit.  Each Unit consists of one common share of\nthe Company and one half of a share purchase warrant, with each whole\nwarrant exercisable into one further common share at a price of $0.55\nfor a two year term.\n \n \n \n \n Newcrest Mining Limited (“Newcrest”) (ASX, TSX,\nPNGX: NCM), through a wholly owned subsidiary, purchased 705,000 Units\nto maintain its pro-rata 9.9% equity interest in the Company, pursuant\nto the transaction announced on August 16, 2022.\n \n \n \n \n Insiders of the Company purchased a total of 121,052\nUnits.  The participation by Insiders in the Offering constitutes a\n“related party transaction” for the purposes of Multilateral\nInstrument 61-101, Protection of Minority Security Holders in Special\nTransactions.  The Company is relying upon exemptions from the\nrequirement to obtain a formal valuation and seek minority shareholder\napproval for the Offering on the basis that the fair market value of\nthe participation by related parties in the Offering is less than 25%\nof the Company’s current market capitalization.\n \n \n \n \n The proceeds from the Offering will be used on\nexploration activities to advance the Company’s large portfolio of\n100% owned assets in the Western United States, potential project\nacquisitions and for general working capital.\n \n \n \n \n Finders’ fees of $55,085 and 144,960 broker warrants\nexercisable at $0.55 for a two year term were paid on a portion of the\nOffering.  All securities issued are restricted from trading until\nJune 16, 2023.\n \n \n \n \n About Headwater Gold:\n \n \n \n \n Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a\ntechnically-driven...