Winshear Gold arranges $2.5-million private placement

Executive Summary

• Winshear Gold Corp. has arranged a non-brokered private placement of 25 million units at $0.10 per unit, raising gross proceeds of $2.5 million.
• The proceeds are designated for a drill program at the company's Portsoy project in Scotland and for general working capital.
• The transaction includes warrant components and finder's fees, with completion subject to TSX Venture Exchange approval and a standard hold period.

Key Details

• Transaction Structure: Non-brokered private placement of 25,000,000 units.
• Price: $0.10 per unit.
• Gross Proceeds: $2,500,000.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each full warrant allows the holder to purchase one common share at an exercise price of $0.20.
• Warrant Duration: 36 months from the closing date.
• Finder's Fees: Up to 6% cash and 6% warrants (on terms similar to the unit warrants).
• Use of Proceeds: Drill program at the Portsoy project (Scotland) and general working capital.
• Conditions Precedent: Approval of the TSX Venture Exchange.
• Hold Period: Four months and one day from the date of issuance for all securities.

Notable Quotes

• None provided in the text.