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Winston Gold Closes $2,426,780 Private Placement
Winston Gold Closes $2,426,780 Private Placement.
About this update from Winston Gold Corp.
[{"type":"text","content":"WINNIPEG, MANITOBA / ACCESSWIRE / May 29, 2020 / Winston Gold Corp. ("Winston Gold" or the "Corporation") (CSE:WGC)(OTCQB:WGMCF) is pleased to announce the closing of a non-brokered private placement (the "Private Placement") with a strategic syndicate led by Palisades Goldcorp consisting of 40,446,333 units (the "Units") at a purchase price of $0.06 per Unit to raise gross proceeds of $2,426,780.Each Unit consists of one common share (a "Share") in the share capital of the Corporation and one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one additional Share in the share capital of the Corporation for a period of 5 years, at an exercise price of $0.12 per Share.All securities issued in connection with the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.Insiders of the Corporation subscribed for an aggregate of 1,200,000 Units for gross proceeds of $72,000.00 under the Private Placement (the "Insider Subscriptions"). The Insider Subscriptions constitute "related party transactions" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Corporation has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of the Insider Subscriptions.The net proceeds from the Private Placement will be used for general corporate purposes and to advance the Winston gold project near Helena MontanaAbout Palisades GoldcorpPalisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.About Winston GoldWinston Gold is a junior mining company focused on advancing high-gra...