Winston Gold Closes $2,223,000 Private Placement

Rhea-AI Summary

Winston Gold Corp (CSE:WGC)(OTCQB:WGMCF) has successfully closed a non-brokered private placement, raising $2,223,000 through the sale of 17,784,000 units at $0.125 per unit. Each unit includes one common share and one share purchase warrant, allowing holders to purchase additional shares at $0.20 for five years. The proceeds will be allocated for general corporate purposes and advancing the Winston gold project in Montana to test mining phase. All securities are subject to a statutory hold period.

Positive

• Raised $2,223,000 through private placement.
• Funding will be used to advance the Winston gold project towards test mining phase.

Negative

• None.

WINNIPEG, MB / ACCESSWIRE / December 4, 2020 / 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 17,784,000 units (the "Units") at a purchase price of $0.125 per Unit to raise gross proceeds of $2,223,000.

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 $0.20 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.

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

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/619589/Winston-Gold-Closes-2223000-Private-Placement

FAQ

What is the purpose of Winston Gold's recent private placement?

Winston Gold's recent private placement aims to raise funds for general corporate purposes and to advance the Winston gold project to a test mining phase.

How much money did Winston Gold Corp raise in the private placement?

Winston Gold Corp raised $2,223,000 through the private placement.

What are the terms of the units sold in Winston Gold's private placement?

Each unit consists of one common share and one warrant, allowing purchase of additional shares at $0.20 for a period of five years.

What is the hold period for the securities issued in the private placement?

The securities are subject to a statutory hold period of four months plus a day from the date of issuance.