Winshear Gold Closes Oversubscribed $1,320,000 Private Placement
August 13 2020 - 11:19AM
Winshear Gold Corp. (TSX-V:
WINS) reports that it has closed a non-brokered
private placement of 11,000,000 Units at $0.12 per Unit for gross
proceeds of $1,320,000. Each Unit comprises one common share and
one half of one common share purchase warrant. Each full
warrant will allow the holder to purchase one common share of
Winshear Gold at a price of $0.18 for a period of 24 months from
the closing date of the financing. Cash commissions totalling
$25,990 was paid on certain subscriptions. All securities issued as
part of this private placement will be subject to a four month plus
one day hold period which will expire December 13, 2020.
Proceeds from the financing will be used for
exploration, corporate development and general working capital
purposes. Winshear Gold is focused on advancing the Gaban Gold
Project to a drilling programme in south eastern Peru.
This private placement contains related party
transactions. These transactions are exempt from the valuation
and shareholder exemption requirements of Multilateral Instrument
61-101 pursuant to, in addition to other sections, ss. 5.5(a) and
5.7(1)(a) respectively of that Instrument. A material change report
was not filed prior to Closing of this placement due to the
uncertainty of knowing, in advance, when and if final TSXV approval
would be obtained, if material details related to the placement
would change, and other material information.
As part of the closing, Winshear Gold issued
4,600,000 common shares to Palamina Corp. as per the Gaban and Ica
properties acquisition agreement (see news release dated September
19, 2019). Winshear Gold agreed to purchase the Gaban and Ica
properties from Palamina for 10,000,000 shares of Winshear Gold.
Palamina Corp. now holds 19.9% or 9,600,000 common shares of the
total issued common shares of Winshear Gold. Another 400,000 common
shares are due Palamina under the terms of the agreement.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE
REGISTERED UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT")
AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S.
PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT.
About Winshear Gold Corp
In 2019 Winshear Gold Corp. acquired the Gaban
Gold Project in the Puno region, SE Peru and the Tinka IOCG project
in the Ica district, southern Peru, from Palamina Corp. The
Company, formerly Helio Resource Corp., has also commenced
arbitration against the Tanzanian government to recover its
investment in the SMP gold project in Tanzania.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For additional information please contact Richard Williams at (604) 210-8753 or by e-mail at richard@winshear.com.
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