Westward Gold names Salman as strategic advisor
Westward Gold Inc. [WG-CSE, WGLIF-OTCQB, IM50-FSE] Chief Financial Officer Andrew Nelson said the company is “thrilled” that Terry Salman – a legend in mining finance — has agreed to join Westward as a strategic advisor.
In early trading Tuesday, Westward shares advanced on the news, rising 4.0% to 13 cents. The shares currently trade in a 52-week range of 16 cents and $0.05.
“His strategic guidance will be invaluable to our growing company as we continue to unlock value at our district-scale land package in the Toiyabe region of Nevada’s Cortez trend, along with our newly acquired projects on the Carlin Trend,’’ Nelson said.
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.
Westward is a mineral exploration company focused on developing the Toiyabe, Turquoise Canyon and East Saddle Prospects on the Cortez Hills are of Ladner County, Nevada, and the Coyote and Rossi Projects located along the Carlin Trend in Elko County Nevada.
The company is currently drilling the Toiyabe Project, an advanced exploration asset consisting of approximately 1,400 hectares of public land administered by the Bureau of Land Management. Previous work produced a historical resource of 173,000 ounces of gold at an average grade of 1.2 g/t.
The company has said it believes gold mineralization associated with the historical resource remains open, down dip to the north.
In a press release on February 23, 2023, Westward said the first hole of the 2023 field season represents the culmination of all the datasets available to the company’s technical team, including recent work, such as extensive field mapping and a significant induced polarization survey.
Westward said it recently amended the terms of an option agreement with Minquest Ltd. that gives Westward the option to earn a 100% interest in the Toiyabe project.
Under the amendment, dated March 22, 2023, the upcoming final payment of US$400,000 in cash due on or before October 15, 2023 has been modified as follows. Westward will issue US$100,000 worth of common shares (1.17 million shares at $0.116 each). The balance of US$300,000 in cash is due by October 15, 2023.
Westward recently announced details of a binding letter of agreement with EMX Royalty Corp. [EMX-TSXV, 6E9-FSE] which outlined the terms of a transaction that will require EMX to make a strategic equity investment in Westward and provide certain subsidized drilling services, in exchange for the assignment of royalty buyback rights and the conditional future granting of royalties on the Toiyabe and Turquoise Canyon projects.
Under the deal, EMX agreed to subscribe for 3.0 million units of Westward in a non-brokered private placement at 10 cents per unit, for gross proceeds of $300,000. Each until will consist of one common share of Westward and one common share purchase warrant. Each warrant entitles EMX to purchase one common share at 15 cents for 36 months after the closing date of the share subscription.