Westward Gold Announces Closing of Non-Brokered Private Placement Financing with Participation from Strategic Investors Crescat Capital LLC and Concept Capital Management

Core Viewpoint - Westward Gold Inc. has successfully closed a non-brokered private placement, raising approximately C$5,000,000 through the issuance of 45,454,544 units at C$0.11 per unit, which includes common shares and warrants [1][2]. Group 1: Offering Details - The Offering consists of 45,454,544 units, each unit comprising one common share and one warrant, with warrants priced at C$0.15 for a period of 24 months [1]. - The net proceeds from the Offering will primarily fund an expanded drilling program at the Toiyabe Hills Property in Nevada and for general working capital [3]. - The Offering included participation from strategic shareholders, with Concept Capital Management Ltd. acquiring 22,727,272 units for approximately C$2,500,000, representing a 9.9% ownership interest post-offering [2]. Group 2: Insider Participation - Certain insiders acquired a total of 10,195,455 units for gross proceeds of approximately C$1,121,500, which includes a significant investment from Crescat Capital [4]. - The insider participation was classified as a "related party transaction" but was exempt from formal valuation and minority shareholder approval requirements due to the size of the investment relative to the company's market capitalization [4]. Group 3: Drilling Program Insights - The company has reported that its first drill program at the Campfire Target Complex has exceeded expectations, achieving considerable depths at costs under budget [3]. - Observations from drilling indicate significant Carlin-style alteration, suggesting a robust hydrothermal system in the target area [3].