Hennigh named independent Chairman at Westward Gold

Westward Gold Inc. [WG-CSE, WGLIF-OTCQB, IM50-FSE] has announced the appointment of Dr. Quinton Hennigh as independent chairman of the company’s board of directors, effective May 12, 2023. Dr. Hennigh is replacing outgoing Chairman Mark Monaghan, who served in that role for over for years.

Dr. Hennigh is an internationally renowned economic geologist with over 25 years of exploration experience with major gold mining companies, including Homestake Mining Co., Newcrest Mining Ltd. and Newmont Mining Corp.  [NGT-TSX, NEM-NYSE, ASX, PNGX], where he served as senior research geologist in 2007. He is a technical advisor to Crescat Capital LLC, which holds a substantial equity interest in Westward.

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.

“As we turn our attention towards the future – and in the short term, the most significant field season in Westward’s history – we are thrilled to welcome Dr. Hennigh to the company,’’ said Colin Moore, Westward’s President and CEO. “His depth of knowledge of as it relates to Carlin-type gold exploration, the Cortez district in particular, and the broader capital markets, will be put to immediate use,’’ Moore said. “He has been a staunch believer in the potential of our historically underexplored region for almost two decades and we’re delighted to have him officially on board to test it.’’

Westward shares were unchanged at 10.5 cents and trade in a 52-week range of 11 cents and $0.05.

News of the appointment comes after Westward recently raised $4.0 million from an oversubscribed non-brokered private placement financing.

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.

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 post offering 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 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.’’