Business
Westward Gold Announces Upsizing of Non-Brokered Private Placement Financing to C$2.2 Million
Vancouver, British Columbia – TheNewswire - February 4, 2022 – Westward Gold Inc. (CSE:WG), (CNSX:WG.CN), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”)
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - February 4, 2022 – Westward Gold Inc. (CSE:WG), (CNSX:WG.CN), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that, further to the Company’s press release dated February 1, 2022, it has upsized its previously-announced non-brokered private placement (the “Offering”) due to demand. The upsized Offering will now consist of up to 18,333,333 units (each, a “Unit”) at a price of C$0.12 per Unit, for aggregate gross proceeds to the Company of up to C$2,200,000. 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$0.20 for a period of 36 months following the closing date of the Offering. If the closing market price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is greater than C$0.40 per Common Share for a period of ten (10) consecutive trading days any time after the four-month anniversary of the closing of the Offering, the Company may deliver a notice (the “Acceleration Notice”) to the holder notifying them that the Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Warrants will expire at 5:00 p.m. EST on the thirtieth (30th) calendar day after the date of the Acceleration Notice. The net proceeds from the Offering will be used primarily to fund the Company’s inaugural drill campaign at its flagship Toiyabe Project, planned for the summer of 2022, and for general working capital purposes. For additional information related to the high-priority exploration targets to be tested during the program, refer to Westward’s press release dated December 16, 2021. Closing of the Offering is subject to receipt of all necessary regulatory approvals, including from 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. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not ...