11:40:07 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



West Oak Gold Corp
Symbol WO
Shares Issued 19,685,001
Close 2024-02-29 C$ 0.08
Market Cap C$ 1,574,800
Recent Sedar Documents

West Oak closes $354,000 private placement

2024-02-29 18:33 ET - News Release

Mr. Morgan Good reports

WEST OAK ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

West Oak Gold Corp. has closed, on a non-brokered basis, its previously announced private placement financing for gross proceeds of $354,000 through the sale of 5,899,999 units of the company at a price of six cents per unit.

Each unit is composed of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of eight cents per warrant share for a period of 36 months from the date of issuance.

In connection with the private placement, the company issued 140,000 finders' warrants and paid cash commission totalling $8,400 to certain arm's-length finders. Each finder's warrant entitles the holder thereof to purchase one additional common share at a price of six cents for a period of three 36 months from the date of issuance.

The company intends to use the net proceeds of the private placement to finance general working capital and its exploration efforts. All securities issued in connection with the private placement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

An officer and a director of the company each purchased 100,000 units as part of the private placement. The placement to the interested parties constitutes related-party transactions within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Notwithstanding the foregoing, the directors of the company have determined that the interested parties' participation in the private placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in Section 5.5(a) and 5.7(1)(a) of MI 61-101. The company did not file a material change report 21 days prior to the closing of the private placement as the details and amounts of the interested parties' participation were not finalized until closer to the closing and the company wished to close the private placement as soon as practicable for sound business reasons.

About West Oak Gold Corp.

West Oak is focused on gold exploration in Canada. It is currently actively exploring the Hedge Hog gold project located 15 kilometres north of the town of Wells in the Caribou mining division of central British Columbia. Investors are encouraged to review West Oak's prospectus and the technical report for the Hedge Hog property available at SEDAR+. Management and the board of directors of West Oak currently consist of Morgan Good (chief executive officer and director), Leighton Bocking (director), Adrian Smith (director) and Bennett Liu (chief financial officer).

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