Business
Westward Gold Exercises Option to Acquire 100% Ownership of Toiyabe Project
Vancouver, British Columbia – TheNewswire - February 20, 2024 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - February 20, 2024 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) (“Westward” or the “Company”) is pleased to announce that it has exercised its option to acquire a 100% ownership interest in the Toiyabe Project in Lander County, Nevada (“Toiyabe”). The Company has completed its final share-based payment to Minquest Ltd. (“Minquest”, or the “Optionor”), pursuant to the terms of the option agreement (the “Option Agreement”), originally assigned to Westward by Starcore International Mines Ltd. on April 19, 2021 (see press release dated April 22, 2021). Under the terms of the eighth amending agreement entered into by Westward and Minquest on February 20, 2024, the total deemed value of the final payment was increased to $318,493.68, and the Company has issued 3,391,839 common shares (the “Shares”) to Minquest at a deemed price of $0.0939 per Share. Colin Moore, President & CEO of Westward, noted: “Today’s final share payment marks a major milestone for our Company, which has been nearly three years in the making. The entirety of our flagship land position along the Cortez Trend – totaling approximately 40 square kilometers of contiguous exploration ground – is now 100% owned by Westward. On behalf of management and our Board of Directors, I’d like to sincerely thank Minquest for their steadfast support and flexibility, and we are grateful to have them as significant shareholders moving forward.” Figure 1: Westward’s Consolidated Land Position (Cortez Trend) The Shares issued in relation to the final option payment were priced based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange ending on February 8, 2024, and the daily USD/CAD exchange rate published by the Bank of Canada on the same date. The Shares will be subject to a statutory 4-month hold period expiring on June 21, 2024. Following the issuance, Minquest will own approximately 3.5% of the total issued and outstanding Shares of Westward. Following the Company’s exercise of its option, 100% ownership of 248 unpatented mining claims administered by the Bureau of Land Management (“BLM”) will be transferred from Minquest to one of Westward’s Nevada-incorporated subsidiaries. These claims (the “Minquest Claims”) include: 165 claims which make up the Toiyabe Project (the “Toiyabe Claims”)...