WestKam Announces 1st Tranche ($1,741,425) Closing of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 29, 2016) - WestKam Gold Corp. (TSX VENTURE:WKG) (the "Company" or "WestKam") is pleased to announce that is has closed the first tranche of its private placement announced on April 26, 2016. The Company raised $1,741,425 by issuing 42,626,333 flow-through units and 15,421,166 non-flow-through units at a price of $0.03/unit.
In conjunction with this offering, the Company paid finder's fees to eligible persons totaling $223,932 cash and 1,650,000 warrants. Each warrant issued as a finder's fee is exercisable into a common share of the Company at a price of $0.05/share for a period of five years from their date of issue.
All securities issued pursuant to this private placement are subject to a hold period that expires August 30, 2016, in compliance with Canadian securities laws and the policies of the TSX Venture Exchange. The funds will be used for the purposes set out in the April 26, 2016 news release.
About WestKam Gold Corp.
WestKam is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company's website at www.westkamgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Matt Wayrynen, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the use of proceeds of the offering. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These assumptions include, but are not limited to: TSXV acceptance of the Offering; future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the Offering. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
