Winston Gold Announces $1 Million Non-Brokered Private Placement

Rhea-AI Summary

Winston Gold Corp. (CSE:WGC)(OTCQB:WGMCF) announced a non-brokered private placement to issue up to 20 million units at $0.05 per unit, aiming for gross proceeds of $1 million. Each unit includes one common share and one share purchase warrant, exercisable at $0.09 for two years. Funds will support general corporate needs and advance the Winston gold project near Helena, Montana. All securities are subject to a statutory four-month hold period. This effort reflects the Company's focus on high-grade mining opportunities.

Positive

• Planned private placement of up to 20 million units to raise $1 million.
• Funds will advance the Winston gold project, enhancing potential production.

Negative

• The need for a private placement indicates potential cash flow issues.

WINNIPEG, MB / ACCESSWIRE / November 1, 2021 / Winston Gold Corp. ("Winston Gold" or the "Corporation") (CSE:WGC)(OTCQB:WGMCF) intends to complete a non-brokered private placement of up to 20 million units at $0.05 per unit, for gross proceeds of up to $1 million.

Each Unit consists of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase an additional common share of the Corporation at an exercise price of $0.09 per share for a period of 2 years from closing of the Private Placement.

All securities issued in connection with the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The net proceeds from the Private Placement will be used for general corporate purposes and to advance the Winston gold project near Helena Montana.

About Winston Gold

Winston Gold is a junior mining company focused on advancing high-grade, low-cost mining opportunities into production. Towards that end, the Corporation has acquired an underexplored and under-exploited gold/silver mining opportunity, being the Winston Gold project near Helena, Montana.

ON BEHALF OF THE BOARD OF DIRECTORS OF THE CORPORATION

For further information, please contact

Murray Nye, Chief Executive Officer

Suite 201-919 Notre Dame Avenue, Winnipeg, Manitoba, R3E 0M8 Canada

Telephone: (204) 989-2434 E-mail: murray@winstongold.com

The CSE has neither approved nor disapproved the information contained herein.

SOURCE: Winston Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/670664/Winston-Gold-Announces-1-Million-Non-Brokered-Private-Placement

FAQ

What is the private placement amount announced by Winston Gold Corp?

Winston Gold Corp announced a private placement of up to $1 million.

What will the proceeds from the private placement be used for?

The proceeds will support general corporate purposes and advance the Winston gold project.

What is the exercise price of the warrants issued in the private placement?

The exercise price of the warrants is $0.09 per share.

What is the duration of the warrants from the closing of the private placement?

The warrants are exercisable for a period of 2 years from closing.

What are the conditions for the securities issued in the private placement?

The securities are subject to a statutory hold period of four months plus a day.