(Investorideas.com
Newswire) Breaking Gold Stock News – Investorideas.com issues a
news and trading alert for West Point Gold Corp.(TSXV: WPG) (OTCQB: WPGCF).
The stock is trading at 1.2500 +0.0300 gaining 2.48% on news.
West Point Gold Corp.(TSXV: WPG) (OTCQB: WPGCF) announced the closing of its previously
announced “commercially reasonable efforts” private placement for
aggregate gross proceeds of approximately C$25 million (the
“Offering”) for 22,727,300 common shares (the “Shares”) at an issue
price of C$1.10 per Share (the “Issue Price”) with SCP Resource
Finance LP, as lead agent, together with ATB Cormark Capital
Markets, Red Cloud Securities Inc., Paradigm Capital Inc. and
Canaccord Genuity Inc. (collectively, the “Agents”).
As consideration for their services, the Agents received an
aggregate cash commission of C$837,470, which is equal to 5% of the
gross proceeds of the Offering, other than Shares sold to purchasers
on the Company President’s List, which were subject to a reduced
cash commission of 2%. Each of SCP Resource Finance LP and Red Cloud
Securities Inc. elected to receive 50% of their cash commission in
Shares, representing 264,162 Shares at the Issue Price (“Agent
Option Shares”). The Agents were also paid an advisory fee of
C$34,741. As additional consideration for their services, the Agents
were also issued 1,045,456 broker warrants (“Broker Warrants”) equal
to 5% of Shares sold, except that no broker warrants were issued for
Shares sold to purchasers on the President’s List. Each Broker
Warrant issued is exercisable to purchase one Share at the Issue
Price until February 19, 2028 (“Broker Warrant Shares”).
The Company intends to use the net proceeds from the Offering for
exploration and advancement of the Company’s Gold Chain Project in
Arizona, USA, and for general corporate and working capital
purposes.
All Shares, including the Agent Option Shares, and Broker Warrants
and Broker Warrant Shares issued under the Offering are subject to a
statutory hold period in accordance with applicable Canadian
securities laws, expiring June 20, 2026. The Offering remains
subject to the final acceptance of the TSX Venture Exchange.
Directors of the Company including Andrew Bowering, Anthony Paterson
and Conrad Nest participated in the Offering and acquired 659,600
Shares for C$725,560. The participation of these insiders in the
Offering constitutes a Related Party Transaction within the meaning
of Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61-101”). The board of
directors of the Company, with Messrs. Bowering, Paterson and Nest
abstaining, determined that the transaction is exempt from the
formal valuation and minority shareholder approval requirements
based on the exemptions contained in sections 5.5(a) and 5.7(1)(a)
of MI 61-101 for the related party transaction, as neither the fair
market value of securities issued to the insiders nor the
consideration paid by the insiders exceeded 25 percent of the
Company’s market capitalization. The Company did not file a material
change report in respect of the transaction 21 days in advance of
the closing of the Offering because insider participation had not
previously been confirmed and the shorter period was necessary in
order to permit the Company to close the Offering in a timeframe
consistent with usual market practice for transactions of this
nature.
About West Point Gold Corp.
West Point Gold is an exploration and development company focused on
unlocking value across four strategically located projects along the
prolific Walker Lane Trend in Nevada and Arizona, USA, providing
shareholders with exposure to multiple discovery opportunities across
one of North America’s most productive gold regions. The Company’s
near-term priority is advancing its flagship Gold Chain Project in
Arizona.
For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: info@westpointgold.com
Stay Connected with Us:
LinkedIn:
linkedin.com/company/west-point-gold
X (Twitter):
@westpointgoldUS
Facebook:
facebook.com/Westpointgold/
Website:
westpointgold.com/
FORWARD-LOOKING STATEMENTS:
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future events
or future performance and the proposed Offering. Forward-looking
statements include estimates and statements that describe the
Company’s private placement, future plans, objectives or goals,
including words to the effect that the Company or management expects a
stated condition or result to occur. The use of any of the words
“could”, “intend”, “expect”, “believe”, “will”, “projected”,
“estimated” and similar expressions and statements relating to matters
that are not historical facts are intended to identify forward-looking
information and are based on the Company’s current belief or
assumptions as to the outcome and timing of such future events
including, among others, assumptions about future prices of gold,
silver, and other metal prices, currency exchange rates and interest
rates, favourable operating conditions, political stability, obtaining
government approvals and financing on time, obtaining renewals for
existing licenses and permits and obtaining required licenses and
permits, labour stability, stability in market conditions,
availability of equipment, availability of drill rigs, and anticipated
costs and expenditures. The Company cautions that all forward-looking
statements are inherently uncertain, and that actual performance may
be affected by a number of material factors, many of which are beyond
the Company’s control. Such factors include, among other things: risks
and uncertainties relating to the Company’s ability to complete any
payments or expenditures required under the Company’s various option
agreements for its projects; and other risks and uncertainties
relating to the actual results of current exploration activities, the
uncertainties related to resources estimates; the uncertainty of
estimates and projections in relation to production, costs and
expenses; risks relating to grade and continuity of mineral deposits;
the uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or
development activities; uncertainty related to the geology, grade and
continuity of mineral deposits; the possibility that future
exploration, development or mining results may vary from those
expected; statements about expected results of operations, royalties,
cash flows, financial position may not be consistent with the
Company’s expectations due to accidents, equipment breakdowns, title
and permitting matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal
prices, unanticipated costs and expenses, uncertainties relating to
the availability and costs of financing needed in the future and
regulatory restrictions, including environmental regulatory
restrictions. The possibility that future exploration, development or
mining results will not be consistent with adjacent properties and the
Company’s expectations; operational risks and hazards inherent with
the business of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structural formations, cave-ins, flooding and severe
weather); metal price fluctuations; environmental and regulatory
requirements; availability of permits, failure to convert estimated
mineral resources to reserves; the inability to complete a feasibility
study which recommends a production decision; the preliminary nature
of metallurgical test results; fluctuating gold prices; possibility of
equipment breakdowns and delays, exploration cost overruns,
availability of capital and financing, general economic, political
risks, market or business conditions, regulatory changes, timeliness
of government or regulatory approvals and other risks involved in the
mineral exploration and development industry, and those risks set out
in the filings on SEDAR+ made by the Company with securities
regulators. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
corporate press release are reasonable, undue reliance should not be
placed on such information, which only applies as of the date of this
news release, and no assurance can be given that such events will
occur in the disclosed time frames or at all. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, other than as required by applicable
securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
More info on West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF):
https://www.investorideas.com/CO/WPG/
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Disclaimer/Disclosure: West Point Gold Corp. (TSXV:
WPG) (OTCQB: WPGCF) is a paid monthly featured mining stock on Investor
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