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Westward Gold Announces Closing of Oversubscribed Non-Brokered Private Placement Financing; Strategic Investor Crescat Capital LLC Acquires 10.3% Stake
Vancouver, British Columbia, April 8, 2025 – TheNewswire - Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50) (“Westward” or the “Company”) is pleased to ann
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia, April 8, 2025 – TheNewswire - Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50) (“Westward” or the “Company”) is pleased to announce that it has closed its previously-announced non-brokered private placement (the “Offering”) (see press releases dated March 19, 2025 and March 26, 2025), and has issued 49,999,999 units (each, a “Unit”) at a price of C$0.08 per Unit, for aggregate gross proceeds to the Company of approximately C$4,000,000. Each Unit is comprised of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share of the Company at a price of C$0.12 for a period of 24 months following the closing date of the Offering. Incoming strategic investor Crescat Capital LLC (“Crescat”) has subscribed for 18,750,000 Units for gross proceeds of $1,500,000, through Crescat Portfolio Management LLC on behalf of its Pooled Investment Funds. This represents a post-Offering basic ownership interest of approximately 10.3%, and approximately 18.7% on a partially-diluted basis. Upon closing of the Offering, Crescat was granted a pre-emptive right to maintain its pro-rata interest for as long as Crescat owns 2% or more of the then-outstanding common shares of the Company, on an undiluted basis. Quinton Hennigh, PhD, Crescat Technical Advisor, commented: “In my view, this is the most exciting exploration campaign in Nevada in 2025. Toiyabe Hills is a critical part of the well-endowed Cortez gold district of north-central Nevada – yet, prior to Westward’s arrival – it had been historically poorly-explored and misunderstood. Westward now holds a commanding land position across much of the Toiyabe Range.” Mr. Hennigh continued: “During recent geologic time and through extensional tectonic activity, the Toiyabe Range has been pulled apart from the Cortez and Simpson Park Ranges immediately to the east. These two neighbor ranges host a multitude of multi-million-ounce gold deposits, and share strikingly similar geology to the Toiyabe Range – the prospectivity of which should be considered very high in my opinion, despite simplistic past branding as being ‘off-trend’. The Westward team has done an exceptional job collecting geologic, geochemical and geophysical data over the property that has...