Westward Gold Secures $5 Million in Private Placement Financing

Westward Gold Inc., a mineral exploration company, announced a non-brokered private placement financing of up to $5 million. The company plans to issue 20 million units, each priced at $0.25, to raise the capital needed for its ongoing operations and projects. The financing is expected to close by the end of the year, subject to regulatory approvals.

According to the press release, Westward Gold will issue one common share and one-half of one common share purchase warrant for each unit. Each warrant will allow the holder to purchase one common share at $0.40 for a period of 24 months after the closing date. The net proceeds from this offering will be used primarily to fund ongoing drilling at the company’s flagship Toiyabe Hills Property, located in the Cortez Trend in Nevada. Additional funds will support trenching, detailed geological mapping, rock-chip and soil sampling programs, and geophysical surveys.

Two of Westward Gold’s top shareholders, Crescat Capital LLC and Concept Capital Management Ltd., have committed to participate in the offering, with combined gross proceeds of $2.5 million. Crescat Capital LLC has pledged to subscribe for 6 million units, while Concept Capital Management Ltd. plans to purchase 4 million units. Kevin Smith, founder and CEO of Crescat Capital, expressed satisfaction with the high-grade gold drill results at the Toiyabe Hills Property and emphasized Crescat’s ongoing support for the company.

The company expects to use the funds raised from the offering to increase cash bonding for its existing Plan of Operations with the U.S. Bureau of Land Management, allowing for expanded ground disturbance. Additionally, the proceeds will be utilized for general working capital purposes. Westward Gold anticipates paying finder’s fees up to 7% of the gross proceeds and issuing finder’s warrants for the same percentage of the number of units issued in the offering.

The Company’s Chief Financial Officer, Andrew Nelson, stated, “The high-grade gold drill results at Toiyabe Hills are a testament to the property’s Carlin-type gold potential. We are pleased to see Crescat and Concept Capital reaffirm their support through this investment, which will help us advance our exploration plans.”

Westward Gold is focused on developing the Toiyabe Hills Project and other properties in Nevada, including the Coyote and Rossi Projects. The company’s expansion plans will continue to be driven by the results of ongoing exploration and the need to secure additional capital for its operations.