/NOT FOR DISTRIBUTION TO UNITED
STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, March 5, 2012 /PRNewswire/ - Wesgold Minerals
Inc. (TSX-V: WSG) is pleased to announce that it has arranged,
subject to stock exchange approval, a non-brokered private
placement financing of up to 6,700,000 units at $0.75 per unit, for proceeds of up to
$5,025,000. Each unit will
consist of one common share and one-half of a warrant. Each
whole warrant will entitle the holder to purchase one additional
common share of the Company at $1.00
for two years from closing.
If at any time from four months and one day
after the closing of the financing, the volume-weighted average
trading price of the Company's common shares on the TSX Venture
Exchange over a period of 20 consecutive trading days exceeds
$1.50, the Company may, within five
days after such an event, provide notice to the warrant holders
that the warrants will expire early, namely, on the date which is
30 calendar days after the date of such notice to the warrant
holders.
The Company will allocate a portion of the
financing to subscribers found by Axemen Resource Capital Ltd., an
Exempt Market Dealer, and may agree to similar allocations to other
exempt market or investment dealers. The Company will pay
finder's fees equal to 5% of subscription amounts found, payable in
cash or units, plus issue finder's warrants in an amount equal to
5% of units purchased. Each finder's warrant will be
exercisable into one common share of the Company at a price of
$1.00 for two years from closing.
The net proceeds of the placement will be used
towards the acquisition and exploration of the Cordoba Property,
Colombia and for general working
capital purposes.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration gold and copper projects
in Colombia. Wesgold
recently optioned from Minatura the Cordoba property, covering
25,790 hectares in the Department of Cordoba, Colombia, 200km north of the city of
Medellin.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, Chairman of the
Board
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this news release.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available
SOURCE Wesgold Minerals Inc.