Business
Westward Gold Announces Non-Brokered Private Placement Financing
Vancouver, British Columbia, November 29, 2024 – TheNewswire - Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50) (“Westward” or the “Company”) is pleased to
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia, November 29, 2024 – TheNewswire - Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50) (“Westward” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”) of up to 10,000,000 units (each, a “Unit”) at a price of C$0.08 per Unit, for aggregate gross proceeds to the Company of up to C$800,000. Each Unit will be comprised of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle 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. The net proceeds from the Offering will be used primarily for (i) pre-drilling activities at the Company’s flagship Toiyabe Hills Project, including: permitting studies, advanced targeting and planning, data analysis, and earthworks, and (ii) general working capital purposes. Closing of the Offering is subject to receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange (the “CSE”). The Common Shares and Warrants issued in relation to the Offering will be subject to a hold period of four months and one day, in accordance with applicable securities laws. Certain finder’s fees may also be payable to qualifying parties in accordance with the policies of the CSE. Certain insiders of the Company intend to acquire Units in the Offering, for an estimated aggregate total of approximately 2,500,000 Units and gross proceeds of $200,000. The participation by such insiders in the Offering will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, based on the fact that neither the anticipated fair market value of the Units subscribed for by the insiders, nor the consideration for the Units to be paid by such insiders, will exceed 25% of the Company’s current market capitalization. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or...