TORONTO, ONTARIO – (May 18, 2017) Gowest Gold Ltd. (“Gowest” or the “Corporation”) (TSX VENTURE:GWA) announced today that it has closed a non-brokered private placement of 10,423,684 “flow-through” common shares of the Corporation (the “Shares”), at a price of $0.19 per Share, for aggregate gross proceeds of $1,980,500 (the “Offering”).
The proceeds derived from the sale of the Shares will be used to fund the exploration work on the Company’s North Timmins Gold Project and for general working capital purposes.
In connection with the Offering, the Corporation paid $70,000 for finder’s fees. Subscriptions by insiders of the Corporation accounted for $230,000 of the gross proceeds of the Offering. Participation by the insiders in the Offering is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.
All of the securities issuable in connection with the Offering are subject to a hold period expiring four months and one day after the date of issuance.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
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.
For further information please contact:
Greg Romain Greg Taylor
President & CEO Investor Relations
Tel: (416) 363-1210 Tel: 416 605-5120
Email: [email protected] Email: [email protected]
