The Prospector News

Gowest Closes Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Gowest Closes Private Placement

 

 

 

 

 

Gowest Gold Ltd. (TSX-V:GWA) announced today that it has closed its previously announced non-brokered private placement of 10,177,420 “flow-through” units of the Corporation at a price of $0.10 per Unit, for aggregate gross proceeds of $1,017,742. Each Unit was comprised of one common share and one-half of one common share purchase warrant issued on a flow-through basis, with each Warrant being exercisable to acquire one common share of the Corporation at a price of $0.15 until December 22, 2017.

 

 

The proceeds derived from the sale of the Units will be used for “Canadian exploration expenses” (within the meaning of the Income Tax Act [Canada]) in connection with the mineral exploration programs of the Company.

 

 

The Corporation paid $48,137 for finder’s fees to registrants who assisted the Corporation in connection with the Offering. Subscriptions by insiders of the Corporation accounted for $50,000 of the gross proceeds of the Offering. Participation by the insiders in the Offering is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“) by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.

 

 

All of the securities issuable in connection with the Offering are subject to a hold period expiring four months and one day after date of issuance.

 

 

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

 

 

About Gowest

 

 

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43-101 compliant Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 g/t Au containing 422 thousand oz Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre-Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves, using a 3 g/t Au cut-off and utilizing a gold price of US$1,200 / oz, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.

 

Posted December 23, 2015

Share this news article

MORE or "UNCATEGORIZED"


Treasury Announces Closing of C$2.8 Million Bought Deal Private Placement

Treasury Metals Inc. (TSX: TML)is pleased to announce that ... READ MORE

November 21, 2019

AMEX Announces Partial Exercise of Underwriter’s Option for Additional Gross Proceeds of $981,900 and Aggregate Gross Proceeds of $8,982,000

Further to its press release dated November 7, 2019, Amex Explora... READ MORE

November 21, 2019

Barksdale Defines Shallow Copper Porphyry Drill Target at San Antonio

Barksdale Capital Corp. (TSX-V:BRO) (OTCQB:BRKCF) is pleased to a... READ MORE

November 21, 2019

Group Ten Closes Oversubscribed Private Placement Financings, Including Investments by Sprott Asset Management and GoldSpot Discoveries

Group Ten Metals Inc. (TSX-V: PGE) (OTC: PGEZF) (FSE: 5D32) is pl... READ MORE

November 21, 2019

Tectonic Metals Drills 6.03 g/t Au Over 28.95 Metres Discovering New Mineralized Structure at Tibbs Property

Tectonic Metals Inc. (TSX-V:TECT) announced assay results of its ... READ MORE

November 21, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions