GWA.V/GWSAF $17.6M non-dilutive financing news
TORONTO, ONTARIO -- (Marketwired) -- 08/04/16 -- Gowest Gold Ltd.(GWSAF) ("Gowest" or the "Company") is pleased to announce that it has signed a non-binding Letter of Intent with Pandion Mine Finance, LP ("Pandion") to fund the Company's previously announced Advanced Exploration work (see Gowest release dated June 16, 2016) at its 100% owned Bradshaw Gold Deposit ("Bradshaw"), part of its North Timmins Gold Project ("NTGP").
The US$17.6 million financing is subject to the completion of the remaining due diligence and the negotiation and execution of a Prepaid Forward Gold Purchase Agreement and related security documentation. On completion of the agreement, funds are expected to be received in a number of tranches with a total term of seventy-two (72) months, subject to certain funding conditions and milestones.
Greg Romain, Gowest's President and CEO, said, "We are very pleased that Pandion has recognized the serious potential that Bradshaw affords their investors. Further, their funding package is particularly beneficial to our shareholders in that it represents a major step towards Gowest building the next new gold mine in the Timmins camp. We look forward to closing this financing transaction as soon as possible."
"Pandion is excited about the prospects for the Bradshaw project and is looking forward to working with the Gowest management team," said Joe Archibald, Founding Partner of Pandion.
About Pandion Mine Finance, LP
Pandion is a mining-focused investment firm backed by MKS PAMP Group and Ospraie Management, LLC that provides flexible financing solutions to developing mining companies.
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