Business
Western Gold Completes $2.74 Million Private Placement
North Berwick, Scotland--(Newsfile Corp. - December 30, 2025) - WESTERN GOLD EXPLORATION LTD. (T...
About this update from Western Gold Exploration Ltd.
[{"type":"text","content":"Western Gold Completes $2.74 Million Private PlacementNorth Berwick, Scotland--(Newsfile Corp. - December 30, 2025) - WESTERN GOLD EXPLORATION LTD. (TSXV: WGLD) (the \"Company\") is pleased to announce that it completed its previously announced non-brokered private placement for aggregate proceeds of CAD$2,742,249 (the \"Private Placement\"). In connection with the Private Placement, 20,312,962 common shares of the Company (\"Shares\") were issued at a price of CAD$0.135 per Share. The net proceeds from the Private Placement will be used for exploration drilling programs and related work on its mining properties and for general and administrative expenses.The Shares issued in connection with the Private Placement are subject to a four-month hold period from the closing of the Private Placement, in accordance with applicable securities laws. Subject to the final review by the TSX Venture Exchange, the Company has agreed to pay finder's fees in respect of the aggregate sales to subscribers under the Private Placement that were introduced by certain parties, as follows: (a) to Haywood Securities Inc., a cash finder's fee of CAD$21,937.50; and (b) to Canaccord Genuity Corp., a cash finder's fee of CAD$2,700.00.Related Party DisclosureUnder the Private Placement, (i) Ross McLellan, the CEO and a director of the Company, acquired 274,000 Shares at an aggregate subscription price of CAD$36,990.00, and (ii) Zila Corporation, an insider of the Company because of it holding more than 10% of the issued and outstanding Common Shares, acquired 3,703,704 Shares at an aggregate subscription price of CAD$500,000. Their 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 Exchange pursuant to its Policy 5.9 - Protection of Minority Security Holders in Special Transaction. These transactions are exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy, pursuant to subsections 5.5(a), 5.5(b), 5.5(c), 5.7(a) and 5.7(b) of MI 61-101 as the fair market value was not more than 25% of market capitalization, the distribution of securities was for cash and the fair market value of not more than CAD$2,...