Gold79 Announces Closing of Private Placement Financing

About this update from West Point Gold Corp.

[{"type":"text","content":"Gold79 Announces Closing of Private Placement FinancingOttawa, Ontario--(Newsfile Corp. - July 26, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce the closing of a second final tranche of its non-brokered private placement financing, raising gross proceeds of $249,314 through the issuance of 8,310,457 units at $0.03 per unit. In total, including the first tranche of the placement, 15,310,457 units were issued for gross proceeds of $459,314.Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 8,310,457 warrants were issued in the second tranche, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.05 per share until July 26, 2025. The warrants are callable after the statutory hold period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common share meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange (\"TSX-V\") and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.In connection with the second tranche of the placement a cash finder fee of $210 was paid and 7,000 finder warrants were issued. The finder warrants are exercisable at $0.05 per share and expire on July 26, 2025. This private placement is subject to the final approval of the TSX-V. All securities issued in the first tranche of the placement are subject to a statutory hold period until October 9, 2023 and for the second tranche until November 27, 2023, respectively.It is anticipated that approximately 50 percent of the aggregate proceeds raised under the offering will be used for exploration expenditures, land management costs and property payments; approximately 25 percent will be used to pay management fees to Company officers; and, approximately 25 percent will be used for working capital and general corporate purposes.The securities issued in the private placement will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain tran...

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