VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2014) - WestKam Gold Corp. (TSX VENTURE:WKG) ("WestKam" or the "Company") is pleased to announce it has amended and closed its previously announced non-brokered private placement. The private placement has been increased by $362,065 from the original announcement. A total of 16,639,633 of the Company were subscribed; consisting of 3,008,333 flow-through units at a price of $0.06 per unit for gross proceeds of $180,500 and 13,631,300 non flow-through units at a price of $0.05 for gross proceeds of $681,565. The flow-through units consist of one flow-through common share and one common share purchase warrant exercisable at a price of $0.07 in years one and two following the close of the private placement, and at a price of $0.10 in years three through five following the close of the private placement. The units consist of one common share and one common share purchase warrant exercisable at a price of $0.05 in years one and two following the close of the private placement, and at a price of $0.10 in years three through five following the close of the private placement.
Proceeds arising from the sale of the flow-through units will be used to advance the Bonaparte Gold Project. Proceeds arising from the sale of the non flow-through units will be used for general working capital purposes.
The Company will pay an aggregate of $32,800 and issue 656,000 warrants, exercisable for a period of 5 years at a price of $0.10 per warrant share, to certain introducing parties in respect of the private placement, subject to compliance with applicable securities legislation and TSX Venture Exchange policies. The private placement is subject to the approval of the TSX Venture Exchange Inc.
Stock Options Granted
WestKam also announces that announces that, pursuant to the Company's Stock Option Plan, it has granted a total of 4,300,000 incentive stock options to directors, officers and consultants of the Company. The options are exercisable at a price of $0.05 per option share until August 19, 2019.
About WestKam Gold Corp.
WestKam Gold Corp. is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the company's website at www.westkamgold.com
ON BEHALF OF THE BOARD OF DIRECTORS
WestKam Gold Corp.
Suite 900, 570 Granville StreetVancouver, BC V6C 3P1
Forward looking statements: Neither 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. This release contains statements that are forward looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: John Ulmer, Investor Relations
Source: WestKam Gold Corp.