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Westgate Energy Inc. Announces Closing of Best-Efforts Financing
Westgate Energy Inc. Announces Closing of Best-Efforts Financing Canada NewsWire ...
About this update from Westgate Energy Inc
[{"type":"text","content":"\n\n\n\n Westgate Energy Inc. Announces Closing of Best-Efforts Financing\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN\n \n THE UNITED STATES\n \n . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF\n \n UNITED STATES\n \n SECURITIES LAW./\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n April 2, 2025\n \n\n /CNW/ -\n \n Westgate Energy Inc. (the \"Company\" or \"Westgate\")\n \n (TSXV: WGT) is pleased to announce that, further to its press release dated\n \n March 11, 2025\n \n , it has closed its best-efforts financing (the \"\n \n Offering\n \n \") of units of the Company (the \"\n \n Units\n \n \") at a price of\n \n $0.15\n \n per Unit (the \"\n \n Issue Price\n \n \"), for aggregate gross proceeds of approximately\n \n $2.5 million\n \n . The Offering was led by Haywood Securities Inc. (the \"\n \n Agent\n \n \") as the sole agent and bookrunner.\n \n\n\n\n\n\n\n\n\n Each Unit is comprised of one common share in the capital of the Company (a \"\n \n Common Share\n \n \") and one common share purchase warrant of the Company (a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to acquire one Common Share for an exercise price of\n \n $0.24\n \n per share for a period of 24 months from the date of this press release.\n \n\n Pursuant to the terms of the Offering, the Company has also granted to the Agent an over-allotment option to offer for sale up to an additional 6,000,000 Units (up to additional gross proceeds of\n \n $900,000\n \n ), which over-allotment option is exercisable for a period of 30 days following the closing of the Offering.\n \n\n In connection with the Offering, the Agent was paid a cash commission of\n \n $137,703.30\n \n , which was equal to 7% of the gross proceeds of the Offering, subject to a 3% cash commission paid in respect of certain subscribers on the Company's president's list and was issued 918,022 compensation options (the \"\n \n Compensation Options\n \n \") entitling the Agent to p...