VANCOUVER,
March 21, 2012 /PRNewswire/ - Wesgold
Minerals Inc. (TSX-V: WSG) is pleased to announce that it has
closed the first tranche of its previously announced non-brokered
private placement by issuing 2.4 million units at $0.75 per unit, for gross proceeds of
$1.8 million. Each unit
consists of one common share and one-half of a warrant, each whole
warrant entitling the holder to purchase one additional common
share for two years at $1.00.
The Company also issued 62,500 common shares and 131,250 warrants
as finders' fees in connection with this portion of the
financing. The finders' fee warrants have the same terms as
the unit warrants. All of the shares and warrants have a
resale restriction until July 17,
2012.
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. The TSX Venture Exchange has approved the
transaction whereby the Company will acquire an initial 11%
interest in the Cordoba Property. The acquisition is
scheduled to close early next week.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration of 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.
SOURCE Wesgold Minerals Inc.