VANCOUVER, April 16, 2012 /PRNewswire/ - Wesgold Minerals
Inc. (TSX-V: WSG) is pleased to announce that it has closed the
final tranche of its previously announced non-brokered private
placement by issuing 4,466,668 units at $0.75 per unit, for gross proceeds of
$3.35 million. Combined with
the first tranche proceeds, Wesgold has received total proceeds of
$5.15 million from this
financing.
Each unit in the placement 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 113,125 common shares and 212,896 warrants as finders'
fees in connection with the second portion of the financing.
The finders' fee warrants have the same terms as the unit
warrants. All of the shares and warrants issued in this
tranche have a resale restriction until August 12, 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.
Early Warning Report
As a result of his participation in the private
placement, Simon Ridgway, of 200
Burrard Street, Suite 650, Vancouver,
BC, has acquired 358,335 common shares of the Company at a
price of $0.75 each, as well as share
purchase warrants to purchase a further 179,168 shares of the
Company which are exercisable for two years at a price of
$1.00 per share. As a result,
Mr. Ridgway owns directly or controls a total of 3,420,601 shares,
which represents 19.3% of the issued and outstanding shares of the
Company. Assuming the exercise of his warrants in full, Mr.
Ridgway would own or control 3,599,769 shares, or 20.1% of the then
issued capital of the Company.
The shares were acquired by Mr. Ridgway for
investment purposes, and he may from time to time, directly or
indirectly, acquire additional securities of the Company. Mr.
Ridgway has filed on www.sedar.com a report pursuant to NI
62-103.
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 acquired from Minatura International an 11% interest in
the Cordoba property, covering 25,790 hectares in the Department of
Cordoba, Colombia, 200km north of
the city of Medellin.
ON BEHALF OF THE COMPANY
"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.