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Western Gold Announces $1.897 Million Closing of Non-Brokered Private Placement of Common Shares
North Berwick, Scotland--(Newsfile Corp. - August 30, 2023) - WESTERN GOLD EXPLORATION LTD. (TSX...
About this update from Western Gold Exploration Ltd.
[{"type":"text","content":"Western Gold Announces $1.897 Million Closing of Non-Brokered Private Placement of Common SharesNorth Berwick, Scotland--(Newsfile Corp. - August 30, 2023) - WESTERN GOLD EXPLORATION LTD. (TSXV: WGLD) (the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement of common shares (the \"Private Placement\") for gross proceeds of CAD$1,897,400.08. In connection with this closing of the Private Placement, 15,811,666 common shares of the Company (\"Shares\") were issued at a price of CAD$0.12 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 these proceeds from the Private Placement on an exploration drilling program and all related work on its landholdings, including general and administrative expenses.Subject to the final review by the TSX Venture Exchange, the Company has agreed to pay finder's fees or issue finder's warrants, as applicable, in respect of the aggregate sales to subscribers under the Private Placement that were introduced by certain parties, as follows: (a) to Canaccord Genuity Corp., a cash finder's fee of CAD$4,680.00 and finders warrants to acquire up to 39,000 Common Shares at a price of CAD$0.20 per share for 12 months from the date of issuance; (b) to Haywood Securities Inc., a cash finder's fee of CAD$12,210.00 and finders warrants to acquire up to 101,750 Common Shares at a price of CAD$0.20 per share for 12 months from the date of issuance; (c) to StephenAvenue Securities Inc., a cash finder's fee of CAD$990.00 and finders warrants to acquire up to 8,250 Common Shares at a price of CAD$0.20 per share for 12 months from the date of issuance; and (d) to Mr. Rupert Williams, a cash finder's fee of CAD$96,858.00.Related Party DisclosureUnder the Private Placement, Zila Corporation, an insider of the Company because of it holding more than 10% of the issued and outstanding Common Shares, acquired 2,000,000 Common Shares at an aggregate subscription price of $240,000.00. Its participation in the Private Placement constitutes a \"related party transaction\" as defined in Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transaction (\"MI 61-101\"), which has been adopted by the TSX Venture...