Gowest Closes Private Placement
TORONTO, ONTARIO--(Marketwired - May 18, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Gowest Gold Ltd. ("Gowest" or the "Corporation") (TSX VENTURE:GWA) announced today that it has closed a non-brokered private placement of 10,423,684 "flow-through" common shares of the Corporation (the "Shares"), at a price of $0.19 per Share, for aggregate gross proceeds of $1,980,500 (the "Offering").
The proceeds derived from the sale of the Shares will be used to fund the exploration work on the Company's North Timmins Gold Project and for general working capital purposes.
In connection with the Offering, the Corporation paid $70,000 for finder's fees. Subscriptions by insiders of the Corporation accounted for $230,000 of the gross proceeds of the Offering. Participation by the insiders in the Offering is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.
GWA is a low-risk, high reward vehicle that I understand very well. Hitting the ore body, preparing for delivery, and the promotional period are all imminently near in my opinion.
Checkmate28
