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Westward Gold Announces Upsize to Non-Brokered Private Placement Financing
Vancouver, British Columbia – TheNewswire - March 6, 2024 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to ann
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - March 6, 2024 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it is upsizing its previously-announced non-brokered private placement (the “Offering”) (see press release dated February 28, 2024), and now intends to issue up to 18,750,000 units (each, a “Unit”) at a price of C$0.08 per Unit, for aggregate gross proceeds to the Company of up to C$1,500,000. 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. Andrew Nelson, Chief Financial Officer, commented: “We’re quite pleased with the demand we’ve been seeing and would like to thank all of our new and long-time shareholders for their support of Westward and our ambitious goals. We’re grateful for the opportunity to have met with many of you in person over the last several days at the PDAC conference, and share our strategic vision for the future. With recent macro-economic tailwinds in the gold space, we remain as confident as ever that 2024 will be transformative for the Company and our shareholders.” The net proceeds from the Offering will be used primarily (i) to fund advanced drill-targeting efforts at the Company’s consolidated land package on the Cortez Trend (the “Properties”), including detailed geological mapping, rock-chip and soil sampling programs, and geophysical surveys (further described in Westward’s press release dated February 27, 2024), (ii) to fund ongoing due diligence of potential M&A opportunities, and (iii) for general working capital purposes. The Company may expand the scope of exploration activities at the Properties to include potential drilling, based on the results of the aforementioned programs and depending on capital availability. 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...