Westward Gold closes $5-million private placement

Executive Summary

• Westward Gold Inc. closed a non‑brokered private placement, issuing 45,454,544 units at C$0.11 per unit for approximately $5 million in gross proceeds.
• Strategic investors Concept Capital Management Ltd. and Crescat Capital LLC subscribed for $2.5 M and $1 M respectively, bringing their post‑offering ownership to ~9.9% (basic) and ~12.1% (basic).
• Net proceeds will fund an expanded 5,000‑metre drilling program at the Toiyabe Hills flagship property and provide general working capital.

Key Details

• Units Issued: 45,454,544 units @ C$0.11 per unit → ~C$5 million gross proceeds.
• Unit Composition: 1 common share + 1 common‑share purchase warrant (exercise price C$0.15, exercisable for 24 months).
• Strategic Investor – Concept Capital Management Ltd.: Subscribed for 22,727,272 units → ~C$2.5 million; post‑offering basic ownership ≈9.9% (18.0% partially diluted).
• Strategic Investor – Crescat Capital LLC: Subscribed for 9,090,910 units via Crescat Portfolio Management LLC → ~C$1 million; combined with prior holdings gives post‑offering basic ownership ≈12.1% (≈21.7% partially diluted).
• Pre‑emptive Rights: Crescat retains right to maintain ≥2% undiluted ownership. No new control person created (warrants not exercisable if >20% control would result).
• Use of Proceeds:
• Expanded drilling program at Toiyabe Hills (5,000 m program underway testing Campfire target complex).
• General working capital.
• Hold Period: Shares and warrants subject to a four‑month‑plus‑one‑day hold period per securities law.
• Finder Compensation: $14,190 cash finder fees; 1,492,636 finder warrants issued (exercise price C$0.13, 24‑month term); 1,363,636 finder units issued on same terms as offering units.
• Insider Participation: Insiders purchased 10,195,455 units for ~C$1.12 million (including C$1 M by Crescat). Transaction qualifies as a related‑party transaction exempt from MI 61‑101 valuation/approval thresholds (<25% of market cap).

Notable Quotes

• Quinton Hennigh, PhD – Chairman: “Westward's execution of the first drill program at the well‑defined Campfire target complex has exceeded expectations… with this capital, we'll now be able to extend drilling for as long as weather permits.”