- Mining company, Winshear Gold (WINS) has received a C$507,500 injection, after shareholders exercised a total of 5,075,000 warrants
- The company will use these funds for advancing its Gaban Gold Project in south-eastern Peru
- Mapping and sampling programmes are already underway at Gaban, in order to determine the extent of the Coritiri target
- The company will soon issue 400,000 shares which it owes to Palamina Corp for purchasing the Gaban and Tinka projects
- Winshear Gold (WINS) last traded on September 22, for ten cents per share
Mining company, Winshear Gold (WINS) has received a C$507,500 injection, after shareholders exercised a total of 5,075,000 warrants.
The exercised warrants were set to expire on September 19, 2020. Directors and officers in the company participated in the exercise, producing $127,500 of the total proceeds.
As of September 24, 2020, 53,124,318 common shares in the company are still outstanding.
Winshear Gold will use funds from the warrant exercise to advance its Gaban Gold Project, located in south-eastern Peru. The company purchased Gaban and another project, Tinka, from fellow TSXV-listed company, Palamina Corp in 2019.
Mapping and sampling programmes are already underway at Gaban, in an attempt to determine the aerial extent of the project’s Coritiri target. Results from these sampling programmes will be made public once they have been received and tabulated.
Winshear Gold’s President, Mark Sander, commented on the results of the warrant exercise, and how the funds will be used by the company.
“We very much appreciate the support shown by our shareholders towards realising our goal of making a new discovery at the Gaban Gold Project in Peru.
“Winshear Gold continues to expand the mineralised footprint of the Coritiri gold zone at Gaban with a view to defining the best target areas for drill testing,” he said.
In related news, Winshear Gold will soon issue 400,000 shares which it owes to Palamina, thus completing the purchase of the Gaban and Tinka projects. The company acquired the projects for 10 million of its common shares, 400,000 of which are still outstanding.
As required under a property purchase agreement, Winshear has completed an annual advance royalty payment of approximately C$33,482.50 to Palamina. Annual advance royalty payments will stop once Winshear completes 5,000 metres of drilling on the Gaban and Tinka projects.
Once this last share issuance is complete, Palamina will retain 18.6 per cent of issued capital in Winshear.
Winshear Gold (WINS) last traded on September 22, for ten cents per share.