WESTERN GOLD EXPLORATION LTD. (TSX-V: WGLD) is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate gross proceeds of $1.3 million. In connection with the Private Placement, 3,250,000 equity units of the Company were issued at a price of $0.40 per Unit.
Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant of the Company. Each whole Warrant entitles the holder to acquire one common share of the Company for a period of 18 months from the date of issuance of the Warrant at an exercise price of $0.75 per share. The Warrants contain an acceleration right in favor of the Company that allows the Company to accelerate the Time of Expiry to a date that is at least twenty days following the delivery of the acceleration notice to the holders of the Warrants, if at any time following the issuance of the Warrants and provided that all statutory hold periods on the Warrants have expired, the common shares of the Company trade on the TSX Venture Exchange at a price equal to or greater than $1.10 for a period of fourteen consecutive trading days.
The securities issued in connection with the Private Placement are subject to a four-month hold period, in accordance with applicable securities laws.
The Company intends to use the proceeds from the Private Placement to continue the development of its business, including the exploration of its prospective mineral properties located in Western Scotland, as well as exploring opportunities to extend license areas, and for general and administrative expenses.
In connection with the Private Placement, the Company has agreed to pay Richardson Wealth Ltd. a cash finder’s fee equal to 6% of the gross proceeds raised in respect of the aggregate sales to subscribers under the Private Placement that were introduced by Richardson Wealth Ltd. (up to $12,000).
About Western Gold Exploration
The Company is an exploration company that is listed on the TSX Venture Exchange. The Company is focused on the exploration of mineral properties in Western Scotland and discovering new opportunities in the Dalradian Belt, targeting historic mines with gold and copper occurrences in the area to develop an initial resource estimate. Preliminary prospects include the Stronchullin mine, Gossan Burn and Allt Dearg which are all located in the Knapdale District.
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