Westward Gold Inc. has launched a non-brokered private placement aiming to raise approximately C$5,000,000 in gross proceeds to fund ongoing exploration across its Nevada property portfolio.

The financing involves issuing up to 20,000,000 units priced at C$0.25 each. Every unit comprises one common share and one-half of a common share purchase warrant, with whole warrants exercisable at C$0.40 for 24 months from the closing date.

Existing strategic backers Crescat Capital LLC and Concept Capital Management Ltd. have committed to lead the round with a combined C$2,500,000 in orders. Crescat intends to subscribe for 6,000,000 units to secure C$1,500,000, while Concept Capital plans to take 4,000,000 units representing C$1,000,000.

“Seeing the high-grade gold drill results last month is a testament to Toiyabe Hills’ Carlin-type gold potential, and we were very encouraged by these results. I’m pleased to announce Crescat’s third investment into Westward, maintaining our position as the largest shareholder supporting the Company.”

— Kevin Smith, Crescat Founder & CEO

Proceeds from the offering will primarily support active drilling and technical programs at the flagship Toiyabe Hills Property along the Cortez Trend in Lander County, Nevada. Westward plans a Phase 1 drilling campaign testing eight targeted sites totaling approximately 6,000 metres across the El Segundo Target. Funding will also support trenching, detailed geological mapping, rock-chip and soil sampling, and geophysical surveys.

Part of the capital will go toward increasing cash bonding under the company’s existing Plan of Operations with the U.S. Bureau of Land Management to allow for expanded ground disturbance, alongside general working capital needs. Certain insiders intend to participate in the placement, which remains subject to regulatory approvals, including clearance from the Canadian Securities Exchange. All securities issued under the placement will carry a four-month and one-day hold period.

The company focuses on mineral exploration at the consolidated Toiyabe Hills Project in Lander County, Nevada, alongside the Coyote and Rossi projects located along the Carlin Trend in Elko County, Nevada.

Read the full announcement: Westward Gold Announces $5m Non-Brokered Private Placement Financing, With A Combined $2.5m In Lead Orders From Top Shareholders Crescat Capital Llc & Concept Capital Management Ltd.