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WESTGATE ENERGY ANNOUNCES COMPLETION OF WARRANT EXERCISE INCENTIVE PROGRAM AND RECEIPT OF $2.1MM IN GROSS PROCEEDS
WESTGATE ENERGY ANNOUNCES COMPLETION OF WARRANT EXERCISE INCENTIVE PROGRAM AND RECEIPT OF $2.1MM ...
About this update from Westgate Energy Inc
[{"type":"text","content":"\n\n\nWESTGATE ENERGY ANNOUNCES COMPLETION OF WARRANT EXERCISE INCENTIVE PROGRAM AND RECEIPT OF $2.1MM IN GROSS PROCEEDS\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nCALGARY, AB, April 28, 2026 /CNW/ - Westgate Energy Inc. (\"Westgate\" or the \"Company\") (TSXV: WGT), is pleased to announce that it has completed the previously announced warrant exercise incentive program (the \"Incentive Program\") in relation to the 16,241,267 outstanding common share purchase warrants (the \"Eligible Warrants\") issued in connection with a best-efforts offering that closed on April 2, 2025, raising aggregate gross proceeds of $2,120,256 through the exercise of 8,834,400 Eligible Warrants.\n\n\n\n\n\n\n\nUpon exercise of the Eligible Warrants, the Company issued a total of 8,834,400 common shares of the Company (\"Common Shares\") and 4,417,200 Common Share purchase warrants (each, an \"Incentive Warrant\").Each Incentive Warrant entitles the holder to acquire one Common Share (an \"Incentive Warrant Share\") at an exercise price of $0.35 per share until 4:30 p.m. (Calgary time) on October 24, 2027. In the event that the volume-weighted average price of the common shares of the Company on the TSX Venture Exchange (\"TSXV\") equals or exceeds $0.45 for ten consecutive trading days (an \"Acceleration Event\"), the Company will be entitled to accelerate the expiry of the Incentive Warrants. If the Company elects to do so, it will issue a press release announcing the Acceleration Event, and the Incentive Warrants will thereafter expire 30 calendar days from the date of such notice.All Eligible Warrants that were not exercised under the Incentive Program remain outstanding and continue to be exercisable on their original terms until April 2, 2027.The proceeds received from the early exercise of Eligible Warrants are expected to be used to fund the drilling costs related to the Company's spring drilling program, additional operating cost reduction activities at Beaverdam, as well as for general working capital purposes.The Incentive Warrants, and any Incentive Warrant...