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Gowest Gold Ltd V.GWA

Alternate Symbol(s):  GWSAF

Gowest Gold Ltd. is a Canada-based gold exploration and development company. The Company’s projects include Frankfield, Pipestone, Tully and Whitney. The Company is focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw) on the Frankfield Property. The Frankfield Property covers an area of approximately 842 hectares and is comprised of eight mining leases. The Company’s wholly owned Pipestone East Gowest, which consists of 21 unpatented mining claims (4,274 hectares). The Tully North Property is located three kilometers (km) northeast of the Bradshaw Gold Deposit and is comprised of one mining lease and one unpatented claim totaling 228 hectares. The Gowest Whitney Property consists of nine patented claims (mining and surface rights) totaling approximately 144 hectares. It is located in the center of the Timmins Gold Camp, 10 km west of downtown Timmins, Ontario and 25 km south of the Bradshaw Gold Deposit.


TSXV:GWA - Post by User

Post by Betteryear2on Jan 24, 2022 8:45am
180 Views
Post# 34351592

Announces Up to $19 M Investment by Greenwater Investment

Announces Up to $19 M Investment by Greenwater Investment

Not for distribution to United States newswire services or for dissemination in the United States

Funds to be Used to Restart Operations at Bradshaw Gold Deposit

TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Gowest Gold Ltd. (“Gowest” or the “Corporation”) (TSX VENTURE: GWA) announced today that Greenwater Investment Hong Kong Limited (“Greenwater”) has agreed to purchase from Gowest, on a private placement basis, pursuant to a subscription agreement between the parties dated January 24, 2022:

  1. promissory notes in an aggregate principal amount of $7,500,000 (the “Promissory Notes”), for an aggregate purchase price of $7,500,000 (the “Promissory Note Offering”), which shall be convertible, subject to the receipt of requisite shareholder approval, into Units (as defined below); and,
     
  2. subject to the receipt of requisite shareholder approval, up to an aggregate of 88,461,358 units of the Corporation (the “Units”), at an issue price of $0.13 per Unit (the “Issue Price”), for an aggregate purchase price of up to $11,500,000 (the “Unit Offering” and, together with the Promissory Note Offering, the “Offering”).

Assuming the completion of the Offering in full, the Corporation will raise aggregate gross proceeds of $19,000,000. Additional funds may be raised subsequently through the exercise of the Warrants issued pursuant to the Offering.

C. Fraser Elliott, Gowest Chairman, stated, “Our approval of this financing transaction follows an exhaustive search and evaluation of potential sources of capital undertaken by our management team and board of directors over the past several months. This transaction will provide us the opportunity to restart operations at Bradshaw and advance our ambitious development plans for the project for the benefit of all of our stakeholders.”

Dan Gagnon, President and Chief Executive Officer of Gowest, added, “Today’s announcement is great news for Gowest and its shareholders. This investment will enable Gowest to restart mining activities at Bradshaw and continue to move towards production. We anticipate this year will be important for our growth, as we also plan to expand our geological resources and reserves through additional exploration. We appreciate Greenwater’s significant investment and continued commitment to our efforts to restart our operations at Bradshaw and to accelerate its further development and expansion.”

All dollar amounts referred to in this press release are in Canadian Dollars, except where expressly indicated otherwise.

The conversion of the Promissory Notes and the completion of the Unit Offering is conditional upon the receipt of Shareholder Approval, as defined and described in detail below under the heading “Minority Approval of Offering.”


https://www.globenewswire.com/news-release/2022/01/24/2371704/0/en/Gowest-Announces-Up-to-19-Million-Investment-by-Greenwater-Investment-Hong-Kong-Limited.html
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