NEWS RELEASE
GOWEST GOLD
*************************
TORONTO - Gowest Gold Ltd. (TSXV: GWA) (the “Company”) is pleased to announce the second tranche closing of a previously announced non-brokered private placement for gross proceeds of $1,428,150.60.
GOWEST GOLD
*************************
TORONTO - Gowest Gold Ltd. (TSXV: GWA) (the “Company”) is pleased to announce the second tranche closing of a previously announced non-brokered private placement for gross proceeds of $1,428,150.60.
The Company issued 7,924,170 flow-through units at a price of $0.18 per unit. Each flow-through unit consists of one common share in the capital of the Company issued on a “flow through” basis pursuant to the Income Tax Act (Canada) and one half (1/2) of a common share purchase warrant.
Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of 24 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the private placement.
The proceeds of the Offering, along with the remainder of the previously announced Pre-Paid Forward Gold Purchase Agreement (the “Agreement”) between PGB Timmins Holdings LP (an investment vehicle controlled by Pandion Mine Finance, LP) and Gowest will be used to fund the exploration programs of the Company’s North Timmins Gold Project, the ongoing underground development of the Company’s Bradshaw mine and for general working capital purposes.
In connection with the closing of this second tranche of the private placement, the Company paid finders’ fees consisting of $89,289.04 (plus applicable taxes) in cash and 331,667 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of 24 months after the closing date.
All securities issued in connection with the second tranche closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of Mar. 16, 2018.
Please visit our website (www.gowestgold.com) for photographs of the ongoing development at Bradshaw and to review our latest corporate presentation.
All securities issued in connection with the second tranche closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of Mar. 16, 2018.
Please visit our website (www.gowestgold.com) for photographs of the ongoing development at Bradshaw and to review our latest corporate presentation.
*************************
