Westward Gold closes US$6.09M placement, with Crescat and Concept adding $2.8M
What's the deal? Westward GoldDealroom has a profile for this one. Try Dealroom → has closed a non-brokered private placement, issuing 33,128,000 units at US$0.18 each for gross proceeds of roughly US$6.07M. Each unit pairs one common share with half a warrant exercisable at US$0.29 for 24 months.
Who backed it? Existing strategic shareholders Crescat CapitalDealroom has a profile for this one. Try Dealroom → and Concept Capital ManagementDealroom has a profile for this one. Try Dealroom → contributed a combined $2,800,000. Crescat put in approximately $1,800,000 for a post-offering stake of about 12.6%, while Concept Capital added roughly $1,000,000 for about 9.6%.
What's the money for? The Vancouver-based miner will fund ongoing drilling at its flagship Toiyabe Hills property on Nevada's Cortez Trend, including trenching, geological mapping, sampling, and geophysical surveys. Proceeds will also raise cash bonding with the US Bureau of Land Management to expand permitted ground disturbance, plus general working capital.
Why now? The raise comes weeks after Westward announced the offering in early September, a quick turnaround that signals steady investor appetite. Insiders acquired 8,160,000 units for about $2,040,000, a sign of continued internal commitment.
The signal: Repeat backing from strategic shareholders — rather than new venture money — points to a tightly held financing base as Westward presses ahead on a Nevada gold trail known for major deposits.
Read more: miningstockeducation.com
Image credit: James St. John
