Winston Gold Closes $1,222,500 Private Placement

Rhea-AI Summary

Winston Gold Corp. (CSE:WGC)(OTCQB:WGMCF) announced the closing of a non-brokered private placement, raising gross proceeds of $1,222,500 by issuing 16,300,000 units at $0.075 per unit. Each unit consists of one common share and one share purchase warrant, with a five-year exercise price of $0.12 per share. Insiders subscribed for 6,866,667 units totaling $515,000 as related party transactions. Proceeds will support general corporate purposes and advance the Winston gold project near Helena, Montana.

Positive

• Successfully raised $1,222,500 through private placement.
• Insider participation indicates confidence in the company.
• Funds will be used to advance the Winston gold project.

Negative

• None.

WINNIPEG, MB / ACCESSWIRE / July 5, 2021 / Winston Gold Corp. ("Winston Gold" or the "Corporation") (CSE:WGC)(OTCQB:WGMCF) is pleased to announce the closing of a non-brokered private placement (the "Private Placement") consisting of 16,300,000 units (the "Units") at a purchase price of $0.075 per Unit to raise gross proceeds of $1,222,500.

Each Unit consists of one common share (a "Share") in the share capital of the Corporation and one share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one additional Share in the share capital of the Corporation for a period of 5 years, at an exercise price of $0.12 per Share.

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.

Insiders of the Corporation subscribed for an aggregate of 6,866,667 Units for gross proceeds of $515,000.00 under the Private Placement (the "Insider Subscriptions"). The Insider Subscriptions constitute "related party transactions" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Corporation has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of the Insider Subscriptions.

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/654247/Winston-Gold-Closes-1222500-Private-Placement

FAQ

What is Winston Gold's recent private placement amount?

Winston Gold raised $1,222,500 through a private placement.

How many units were issued in the Winston Gold private placement?

A total of 16,300,000 units were issued.

What is the exercise price of the warrants issued by Winston Gold?

The warrants have an exercise price of $0.12 per share.

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

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

Who subscribed to the insider units in Winston Gold's private placement?

Insiders subscribed for an aggregate of 6,866,667 units for gross proceeds of $515,000.