- Westward Gold Inc. (WG) receives an amendment for its agreement relating to the Toiyabe Gold Project
- Westward Gold has the option to acquire a 100 per cent ownership interest in the project
- An upcoming cash payment has been modified to US$35,000 cash and US$105,000 in shares
- This resulted in a total of 1.14 million shares issued to Minquest for $0.117 per share
- Other major terms of the option agreement remain unchanged
- Westward Gold Inc. (WG) is up 3.45 per cent and is trading at $0.15 per share as of 3:44 p.m. ET
Westward Gold (WG) has received an amendment to its agreement with Minquest Ltd. for the acquisition of the Toiyabe Gold Project in Nevada.
Under the terms of the agreement, Westward Gold has the option to acquire a 100 per cent ownership interest in the project.
An upcoming payment of US$140,000 in cash, due by October 15th has been amended to US$35,000 in cash and US$105,000 in common shares of Westward Gold.
The shares issued were priced based on the trailing 30-day volume-weighted average price on the Canadian Securities Exchange, and the daily USD/CAD exchange rate published on April 29th. This resulted in a total of 1.14 million shares issued to Minquest for $0.117 per share. Other major terms of the option agreement remain unchanged.
Colin Moore, President and CEO of Westward, commented,
“We’re thrilled to welcome Minquest as a shareholder and thank them for their ongoing collaboration as it relates to advancing our flagship property… This amendment will further align our long-term interests and support the company’s desire to see cash allocated to exploration activities.”
Westward Gold is a mineral exploration company focused on developing its Toiyabe, Turquoise Canyon, and East Saddle projects located in Nevada.
Westward Gold Inc. (WG) is up 3.45 per cent and is trading at $0.15 per share as of 3:44 p.m. ET.
