Westward Gold Announces Closing of Non-Brokered Private Placement Financing with Participation from Strategic Investors Crescat Capital LLC and Concept Capital Management

Executive Summary

• Westward Gold Inc. closed a non‑brokered private placement, issuing 45,454,544 units at C$0.11 per unit for gross proceeds of approximately C$5 million.
• The offering included strategic investors Concept Capital (≈9.9% post‑offering ownership) and Crescat Capital (≈12.1% post‑offering ownership).
• Net proceeds will fund an expanded 5,000‑meter drilling program at the Toiyabe Hills flagship property in Nevada and provide general working capital.

Key Details

• Units Issued: 45,454,544 units (each unit = 1 common share + 1 warrant).
• Price per Unit: C$0.11.
• Gross Proceeds: Approximately C$5,000,000.
• Warrant Terms: Each warrant allows purchase of one common share at C$0.15 for 24 months after closing.
• Strategic Shareholder Subscriptions:
• Concept Capital Management Ltd.: 22,727,272 units (~C$2.5 M), post‑offering basic ownership ~9.9% (18.0% partially‑diluted).
• Crescat Capital LLC (via Crescat Portfolio Management LLC): 9,090,910 units (~C$1.0 M), post‑offering basic ownership ~12.1% (21.7% partially‑diluted).
• Insider Participation: Insiders purchased 10,195,455 units for gross proceeds of ≈ C$1,121,500 (including C$1,000,000 from Crescat).
• Finder Compensation: C$14,190 cash fees; issuance of 1,492,636 finder’s warrants (exercise price $0.13) and 1,363,636 finder’s units on the same terms as the offering.
• Use of Proceeds:
  1. Expanded drilling program at Toiyabe Hills Property (5,000 m program testing Campfire Target Complex).
  2. General working capital.
• Holding Period: Common shares and warrants subject to a four‑month‑plus‑one‑day hold period under securities law.
• Control Person Clause: Warrants not exercisable if holder would own/exercise control of ≥20% of outstanding shares.

Notable Quotes

“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.” – Quinton Hennigh, PhD, Chairman

Materiality Assessment: Material – Positive (significant financing that enables continued exploration and expansion of the flagship project).