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Western Gold Announces a $850,050 Closing for Previously Announced Non-Brokered Private Placement and Increase in Size of the Private Placement
North Berwick, Scotland--(Newsfile Corp. - May 21, 2025) - WESTERN GOLD EXPLORATION LTD. (TSXV: ...
About this update from Western Gold Exploration Ltd.
[{"type":"text","content":"Western Gold Announces a $850,050 Closing for Previously Announced Non-Brokered Private Placement and Increase in Size of the Private PlacementNorth Berwick, Scotland--(Newsfile Corp. - May 21, 2025) - WESTERN GOLD EXPLORATION LTD. (TSXV: WGLD) (the \"Company\") is pleased to announce a closing of its previously announced non-brokered private placement for aggregate gross proceeds of CAD$850,050 (the \"Private Placement\"). In connection with this closing of the Private Placement, on May 20, 2025, 12,143,570 equity units of the Company (\"Units\") were issued at a price of CAD$0.07 per Unit.Each Unit is comprised of one (1) common share of the Company and one-half of one (1/2) common share purchase warrant of the Company (a \"Warrant\"). Each whole Warrant entitles the holder to acquire one (1) common share of the Company for a period of 18 months from the date of issuance of the Warrant, at an exercise price of CAD$0.10 per share. The securities issued in connection with the Private Placement are subject to a four-month hold period, in accordance with applicable securities laws. The Company intends to use the proceeds from the Private Placement towards exploration drilling programs and related work on its mining properties and for general and administrative expenses.The Company is also pleased to announce that it has increased the total potential size of the Offering from CAD$1,000,000 to CAD$1,225,050. In addition to the subscriptions closed as referenced above, the Company has received additional firm commitments to purchase up to 5,357,142 Units for aggregate gross proceeds of CAD$375,000. The Company is working to obtain TSX Venture Exchange approval for these additional subscriptions and will close an additional tranche of the Private Placement shortly after receipt of such approval.Subject to the final review by the TSX Venture Exchange and in connection with the Private Placement, the Company has agreed to pay cash finder's fees (5%) to each of the following in respect of the aggregate sales to subscribers under the Private Placement that were introduced by them: (i) Canaccord Genuity Corp. (CAD$7,927.50); and (ii) Haywood Securities Inc. (CAD$5,075).In addition, the Company has agreed to issue finder's warrants (5%) to each of the following in respect of the number of Units sold by the Company under the Private Placemen...