Source: Gowest Gold Ltd.
  • Gowest Gold (GWA) has issued $10,000,000 in promissory notes to Lush Land Investment Canada
  • The transaction is part of a non-brokered private placement for gross proceeds of $25,000,000
  • The promissory notes will be automatically converted into units of the corporation at a conversion price of $0.10 per unit
  • Gowest is a Canadian gold exploration and development company
  • Gowest Gold Ltd. (GWA) opened trading at $0.185 per share

Gowest Gold (GWA) has issued $10,000,000 in promissory notes to Lush Land Investment Canada.

This transaction is part of a non-brokered private placement to be completed by the corporation for aggregate gross proceeds of $25,000,000.

“These funds from one of our key investment partners have come in as we are aggressively ramping up activities at Bradshaw and preparing to go back underground in April 2023,”  Dan Gagnon, President and Chief Executive Officer of Gowest.

“Our core mining contractor, Dumas Contracting Ltd., is mobilizing men and equipment onsite, and our technical and management teams are busy completing the many related agreements and other tasks required for this exciting new chapter in Gowest’s journey to officially becoming the next new mine in the Timmins gold camp,” he added.

Subject to the receipt of shareholder approval in accordance with the policies of the TSX Venture Exchange, the promissory notes will be automatically converted into units of the corporation at a conversion price of $0.10 per unit.

Each unit issuable on conversion of the promissory notes will consist of one common share of the corporation and three-quarters of one common share purchase warrant.

The Board recommends that shareholders vote in favour of the resolutions necessary for the completion of the offerings (including the conversion of the promissory notes).

Gowest is a Canadian gold exploration, and development company focused on the delineation and development of its 100-per-cent-owned Bradshaw Gold Deposit (Bradshaw) on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP).

Gowest Gold Ltd. (GWA) opened trading at $0.185 per share.


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