Crescat takes 10.3% interest in Westward Gold

Westward Gold Inc. [WG-CSE, WGLIF-OTCQB, IM50-FSE] has raised $4.0 million from an oversubscribed non-brokered private placement financing.

Westward is a mineral exploration company focused on developing the Toiyabe Hills project located in the Cortez Hills area of Ladner County, Nevada, and the Coyote and Rossi Projects located along the Carlin Trend in Elko County Nevada.

The company was in the news two years ago when it announced that Terry Salman – a legend in mining finance – had agreed to join Westward as a strategic advisor. A former U.S. army marine, Salman has been an industry leader in financing and junior exploration and mid-to-large cap mining companies for the past 35 years.

Under the private placement financing, 49.9 million units priced at $0.08 each were issued. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share for 12 cents for 24 months after closing.

Shares unchanged at $0.085 in early trading Wednesday. The shares trade in a 52-week range of 11 cents and $0.05.

Incoming strategic investor Crescat Capital LLC has subscribed for 18.75 million units for gross proceeds of $1.5 million via Crescat Capital Management LLC on behalf of pooled investment funds. This represents a postoffering basic ownership interest of 10.3% and approximately 18.7% on a partially diluted basis. Crescat was granted a pre-emptive right to maintain its pro rata interest for as long as Crescat owns 2.0% or more of the then outstanding shares of Westward on a non-diluted basis.

The net proceeds from the offering will be used primarily for drilling at Westward’s flagship Toiyabe Hills property, where a 5,000-metre program across up to 10 holes is planned to test the company’s Campfire target complex.

“In my view, this is the most exciting exploration campaign in Nevada in 2025,’’ said Crescat technical adviser Quinton Hennigh. “Toiyabe Hills is a critical part of the well-endowed Cortez gold district of north-central Nevada – yet, prior to Westward’s arrival, it had been historically poorly explored and misunderstood,’’ he said. “Westward now holds a commanding land position across much of the Toiyabe Range.’’

Hennigh went on to say that during recent geological time and through extensional tectonic activity, the Toiyabe Range has been pulled apart from the Cortez and Simpson Park Ranges, immediately to the east. “These two neighbour ranges host a multititude of multi-million ounce gold deposits and share strikingly similar geology to the Toiyabe Range – the prospectivity of which should be considered very high in my opinion, despite simplistic past branding as being off trend,’’ he said. “The Westward team has done an exceptional job collecting geologic, geochemical and geophysical data over the property, that has yielded the robust Campfire target complex.’’ Drilling will aim to determine what the target has to offer.