Business
Westward Gold Announces Strategic Transaction with EMX Royalty and Mobilizes Diamond Drill Rig
Vancouver, BC - TheNewswire - February 15, 2023 - Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that i
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, BC - TheNewswire - February 15, 2023 - Westward Gold Inc. (CSE:WG) (OTC:WGLIF) (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it has entered into a binding letter agreement dated February 15, 2023 (the “Agreement”) with EMX Royalty Corporation (NYSE American: EMX, TSX-V: EMX, FSE: 6E9) (“EMX”; collectively, the “Parties”) which sets forth the terms of a multi-faceted transaction whereby EMX will make a strategic equity investment in Westward and provide certain subsidized drilling services, in exchange for the assignment of royalty buyback rights and the conditional future granting of royalties on the Company’s Toiyabe Project and Turquoise Canyon Project in Lander County, Nevada (“Toiyabe” and “Turquoise Canyon”, respectively). EMX Equity Investment Per the Agreement, EMX will subscribe for 3,000,000 units of Westward (each, a “Unit”) in a non-brokered private placement (the “Share Subscription”) at a price of C$0.10 per Unit, for gross proceeds to the Company of C$300,000. Each Unit will be comprised of one common share of Westward (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle EMX to purchase one Common Share at a price of C$0.15 for a period of 36 months following the closing date of the Share Subscription. The Common Shares and Warrants issued in relation to the Share Subscription will be subject to a hold period of four months and one day, in accordance with applicable securities laws. Colin Moore, Westward’s President & CEO, commented: “We would like to welcome EMX as our newest strategic shareholder; we believe this transaction is to the benefit of both parties and sets the stage for an exciting year ahead. They have firmly aligned themselves with the growth of our Company, the advancement of these projects, and in the immediate future – the successful execution of Westward’s first-ever diamond drill holes at Toiyabe.” Diamond Drilling Services The Parties have entered into a drilling services agreement (the “Services Agreement”) whereby EMX, through its wholly-owned subsidiary Scout Drilling LLC (“Scout”), will complete a diamond drilling campaign at Toiyabe encompassing 2 to 3 holes for a total of 850 meters. Scout’s Hydracore 2000 drill rig and personnel have been mobilized to site, and drilling is expected to commence ...