(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 10, 2023 – Westward Gold Inc. (CSE:WG ) , ( OTC:WGLIF ) , ( FSE:IM50) ( “Westward” or the “Company” ) is pleased to announce that it is upsizing itspreviously-announced non-brokered private placement (the “Offering” ) (see press releasedated June 26, 2023), and now intends to issue up to 6,666,667 units(each, a “Unit” ) at aprice of C$0.12 per Unit, for aggregate gross proceeds to the Companyof up to C$800,000. Each Unit will be comprised of one common share ofthe Company (each, a “CommonShare” ) and one common share purchase warrant (each, a “Warrant” ). Each Warrant willentitle the holder thereof to purchase one Common Share of the Companyat a price of C$0.18 for a period of 24 months following the closingdate of the Offering.
If the closing market price of the Common Shares on the CanadianSecurities Exchange (the “CSE” ) is greater than C$0.35 per Common Share for aperiod of ten (10) consecutive trading days any time after thefour-month anniversary of the closing of the Offering, the Company maydeliver a notice (the “AccelerationNotice” ) to the holder notifying them that the Warrants mustbe exercised within thirty (30) calendar days from the date of theAcceleration Notice, otherwise the Warrants will expire at 5:00 p.m.EST on the thirtieth (30 th ) calendar day after the date of the Acceleration Notice.
The net proceeds from the Offering will be used primarily to fundfollow-up work from the Company’s recent diamond drilling at itsflagship Toiyabe Project, advance potential accretive M&Aopportunities, and for general working capital purposes, includingupcoming annual BLM claim maintenance fees. Closing of the Offering issubject to receipt of all necessary regulatory approvals, includingfrom the CSE. The Common Shares and Warrants issued in relation to theOffering will be subject to a hold period of four months and one day,in accordance with applicable securities laws. Certain finder’s feesmay also be payable to qualifying parties in accordance with thepolicies of the CSE.
The securities being offered have not, nor will they be registeredunder the United States Securities Act of 1933, as amended, and maynot be offered or sold within the United States or to, or for theaccount or benefit of, U.S. persons in the absence of U.S.registration or an applicable exemption from the U.S. registrationrequirements. This press release shall not constitute an offer to sellor the solicitation of an offer to buy nor shall there be any sale ofthe securities in the United States or in any other jurisdiction inwhich such offer, solicitation or sale would be unlawful.
About Westward Gold
Westward Gold is a mineral exploration company focused on developingthe Toiyabe, Turquoise Canyon, and East Saddle Projects located in theCortez Hills area of Lander County, Nevada, and the Coyote and RossiProjects located along the Carlin Trend in Elko County, Nevada. Fromtime to time, the Company may also evaluate the acquisition of othermineral exploration assets and opportunities.
For further information contact:
Andrew Nelson
Chief Financial Officer
Westward Gold Inc.
+1 (604) 828-7027
andrew@westwardgold.com
www.westwardgold.com
The Canadian Securities Exchange hasneither approved nor disapproved the contents of this news release.The Canadian Securities Exchange does not accept responsibility forthe adequacy or accuracy of this news release.
This news release contains orincorporates by reference “forward-looking statements” and“forward-looking information” as defined under applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, which address events, results, outcomes, ordevelopments that the Company expects to occur are, or may be deemed,to be, forward-looking statements. Forward-looking statements aregenerally, but not always, identified by the use of forward-lookingterminology such as "expect", "believe","anticipate", "intend", "estimate”,“potential”, “on track”, “forecast","budget", “target”, “outlook”, “continue”,“plan” or variations of such words and phrases and similarexpressions or statements that certain actions, events or results“may”, “could”, “would”, “might” or “will” betaken, occur or be achieved or the negative connotation of suchterms.
Such statements include, but may notbe limited to, information as to strategy, plans or future financialor operating performance, such as the Company’s expansion plans,project timelines, expected drilling targets, and other statementsthat express management’s expectations or estimates of future plansand performance.
Forward-looking statements orinformation are subject to a variety of known and unknown risks,uncertainties and other factors that could cause actual events orresults to differ from those reflected in the forward-lookingstatements or information, including, without limitation, the need foradditional capital by the Company through financings, and the riskthat such funds may not be raised; the speculative nature ofexploration and the stages of the Company’s properties; the effectof changes in commodity prices; regulatory risks that development ofthe Company’s material properties will not be acceptable for social,environmental or other reasons, availability of equipment (includingdrills) and personnel to carry out work programs, that each stage ofwork will be completed within expected time frames, that currentgeological models and interpretations prove correct, the results ofongoing work programs may lead to a change of exploration priorities,and the efforts and abilities of the senior management team. This listis not exhaustive of the factors that may affect any of theCompany’s forward-looking statements or information. These and otherfactors may cause the Company to change its exploration and workprograms, not proceed with work programs, or change the timing ororder of planned work programs. Additional risk factors and detailswith respect to risk factors that may affect the Company’s abilityto achieve the expectations set forth in the forward-lookingstatements contained in this news release are set out in theCompany’s latest management discussion and analysis under “Risksand Uncertainties”, which is available under the Company’s SEDARprofile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially, there may be other factors that cause results not to be asanticipated, estimated, described or intended. Accordingly, readersshould not place undue reliance on forward-looking statements orinformation. The Company’s forward-looking statements andinformation are based on the assumptions, beliefs, expectations, andopinions of management as of the date of this press release, and otherthan as required by applicable securities laws, the Company does notassume any obligation to update forward-looking statements andinformation if circumstances or management’s assumptions, beliefs,expectations or opinions should change, or changes in any other eventsaffecting such statements or information.
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