Winston Gold Closes $2,413,351 Private Placement

Rhea-AI Summary

Winston Gold Corp. (CSE:WGC) (OTCQB:WGMCF) has successfully closed a non-brokered private placement, raising $2,413,351 through the issuance of 26,815,013 units at $0.09 each. Each unit consists of one common share and a warrant, exercisable for five years at $0.14 per share. The net proceeds will support general corporate purposes and advance the Winston gold project near Helena, Montana.

Positive

• Raised $2,413,351 in a private placement.
• Funds will advance the Winston gold project to a test mining phase.

Negative

• None.

WINNIPEG, MB / ACCESSWIRE / October 16, 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 26,815,013 units (the "Units") at a purchase price of $0.09 per Unit to raise gross proceeds of $2,413,351.

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 $0.14 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/610834/Winston-Gold-Closes-2413351-Private-Placement

FAQ

What is the latest private placement announcement by Winston Gold Corp?

Winston Gold Corp. announced a private placement closing that raised $2,413,351 by issuing 26,815,013 units at $0.09 each.

What are the terms of the warrants issued by Winston Gold Corp?

Each warrant allows the purchase of one additional share at an exercise price of $0.14 for a period of five years.

How will Winston Gold use the proceeds from the private placement?

The proceeds will be used for general corporate purposes and to advance the Winston gold project to a test mining phase.

What is the stock symbol for Winston Gold Corp?

The stock symbol for Winston Gold Corp is WGMCF.

When was the private placement by Winston Gold Corp announced?

The private placement was announced on October 16, 2020.