Business
Westward Gold Announces Amendment to Toiyabe Option Agreement
Vancouver, British Columbia – TheNewswire - October 16, 2023 – Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to an
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - October 16, 2023 – Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it has executed an amending agreement (the “Amendment”) with Minquest Ltd. (“Minquest”, or the “Optionor”) to revise the terms of the option agreement (the “Option Agreement”) as it relates to the Toiyabe Gold Project in Lander County, Nevada (“Toiyabe”). Under the terms of the Option Agreement, which was assigned to Westward by Starcore International Mines Ltd. on April 19, 2021 (see press release dated April 22, 2021), the Company has the option to acquire a 100% ownership interest in Toiyabe from Minquest. Pursuant to the Amendment executed on October 12, 2023, the upcoming final payment of US$300,000 in cash (due on or before October 15, 2023) has been modified as follows: US$100,000 in cash, which was paid on October 13, 2023 US$200,000 in common shares of the Company (the “Shares”), to be issued on January 15, 2024 The Shares issued in relation to the Amendment will be priced based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange ending on January 12, 2024, and the daily USD/CAD exchange rate published by the Bank of Canada on the same date. The Shares will be subject to a statutory 4-month hold period expiring on May 16, 2024. Westward may also increase the aggregate value of the Shares paid to Minquest on January 15, 2024, to account for any costs incurred by the Optionor between that date and the execution of the Amendment. Andrew Nelson, CFO of Westward, noted: “We would like to sincerely thank Minquest for their continued support over the last 2.5 years. Our ongoing partnership, and their willingness to accept equity as payment, speaks volumes as to their belief in our flagship project and the strides Westward has made in advancing it. Both parties would like to see our cash reserves allocated to exploration activities, and this transaction will certainly help to serve that purpose.” About Westward Gold Westward Gold is a mineral exploration company focused on developing the Toiyabe, Turquoise Canyon, and East Saddle Projects located in the Cortez Hills area of Lander County, Nevada, and the Coyote and Rossi Projects located along the Carlin Trend in Elko County, Nevada. From time to time, the Comp...