Headwater Gold closes $1-million private placement

Executive Summary

• Headwater Gold Inc. completed a non‑brokered private placement raising up to $1 million by selling up to 3,333,333 units at C$0.30 per unit.
• The financing was led by prominent investors Rick Rule and Jeff Phillips, with participation from Centerra Gold Inc., which retained its 9.9 % stake.
• Proceeds will fund continued project generation, exploration of wholly‑owned Western U.S. gold projects, and general working capital.

Key Details

• Units sold: Up to 3,333,333 units (each unit = 1 common share + 1 non‑transferable warrant).
• Price per unit: C$0.30, resulting in gross proceeds of up to C$1 million.
• Lead investors: Rick Rule and Jeff Phillips; participation from Centerra Gold Inc. (maintaining 9.9 % interest).
• Use of proceeds: Support project generation, exploration at 100 % owned Western U.S. gold projects, and general working capital.
• Warrant terms: Each warrant exercisable for one additional share at C$0.50 for 36 months; subject to a one‑year hold period on the shares.
• Accelerated expiry clause: If the weighted average closing price on the Canadian Securities Exchange reaches ≥ C$0.75 for 20 consecutive trading days, the company may accelerate warrant expiry 15 months after closing (expiry then 30 days from acceleration announcement).
• No finders’ fees were paid in connection with the offering.

Notable Quotes

“We are very pleased to close this financing with the continued support of Rick Rule, Jeff Phillips and Centerra… With this funding now secured, we are well positioned to accelerate our generative exploration activities across the Western U.S.” – Caleb Stroup, President & CEO.