Western Gold Closes Second and Final Tranche of Private Placement and Commences Drilling Programme
Western Gold Closes Second and Final
Tranche of Private Placement and Commences
Drilling Programme
North Berwick, Scotland--(Newsfile Corp. - May 23, 2025) -
WESTERN GOLD EXPLORATION LTD.
(TSXV: WGLD)
(the "
Company
") is pleased to announce it has closed the second and final tranche
("
Tranche 2
") of its previously announced non-brokered private placement (the "
Private Placement
").
The Company issued 5,357,142 equity units (each a "
Unit
") at a price of CAD$0.07 per Unit for gross
proceeds of CAD$375,000 under Tranche 2, bringing the total Private Placement to 17,500,712 Units
for aggregate gross proceeds of CAD$1,225,050.
For further information about the Private Placement
and the earlier closing, please refer to the Company's press release of May 21, 2025.
Each Unit is comprised of one (1) common share of the Company and one-half of one (1/2) common
share purchase warrant of the Company (a "
Warrant
"). Each whole Warrant entitles the holder to
acquire one (1) common share of the Company for a period of 18 months from the date of issuance of
the Warrant, at an exercise price of CAD$0.10 per share.
The securities issued in connection with Tranche 2 are subject to a four-month hold period, in
accordance with applicable securities laws.
The Company intends to use the proceeds from the Private Placement towards exploration drilling
programs and related work on its mineral exploration properties and for general and administrative
expenses. The Company has commenced drilling at the Ardlochan copper gold porphyry project that lies
8km to the west of the Company's flagship Lagalochan copper gold porphyry project in Scotland.
This
campaign of 750-1,000m of drilling will focus on the geophysical targets identified in the recent
magneto-telluric geophysical survey and follow-up on the successful scout drilling campaign from
2023/24. Significant porphyry style mineralization was intersected in each of the three initial Ardlochan
holes and the central portion of the system, indicated by the geophysics, remains to be tested.
About Western Gold Exploration
The Company is a mineral exploration company that is listed on the TSX Venture Exchange under the
symbol "WGLD". The Company is focused on the exploration for gold and critical metal deposits
in
Scotland across the underexplored Caledonian Appalachian terrane. The Company's principal focus is
its Lorne Project, which includes the Lagalochan copper gold porphyry property located in Argyll,
Scotland (the "
Lagalochan Property
"), and the adjacent and nearby properties along the Lorne Fault
Zone including Ardlochan.
On 29 November 2022, the Company filed a National Instrument 43-101 -
Standards of Disclosure for
Mineral Projects
compliant, independent Technical Report (the "
Technical Report
") on the Lagalochan
Property. The Technical Report and additional information about the Company are available on
SEDAR+ at
www.sedarplus.ca
under the Company's profile and on the Company's website:
www.westerngoldexploration.com
.
For further information, please contact:
Ross McLellan, CEO
Phone:
+44 7779 161441
Email:
Website:
www.westerngoldexploration.com
This press release is not an offer of the Company's securities for sale in the United States. The
Company's securities may not be offered or sold in the United States absent registration or an
available exemption from the registration requirements of the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") and applicable U.S. state securities laws. The Company will
not make any public offering of its securities in the United States. The Company's securities
have not been and will not be registered under the U.S. Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Review by Qualified Person
David Pym (CGeol), a consultant of the Company, is the Qualified Person (as defined by National
Instrument 43-101 -
Standards of Disclosure for Mineral Projects
) who supervised, verified and
approved the scientific and technical disclosure in this press release on behalf of the Company.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to
approvals from the TSX Venture Exchange related to the Private Placement, completion of the
Private Placement, the anticipated use of proceeds of the Private Placement, timing and completion
of any drilling and work programs on the Company's properties, estimates of mineralization from
drilling, geological information projected from drilling results, potential for minerals and/or mineral
resources, and statements regarding the plans, intentions, beliefs, and current expectations of the
Company with respect to the future business activities and operating performance of the Company
that may be described herein. Forward-looking statements consist of statements that are not purely
historical, including any statements regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of forwarding-looking wording such as
"may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or
similar variations. Readers are cautioned not to place undue reliance on forward-looking statements,
as there can be no assurance that the plans, intentions or expectations upon which they are based will
occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking statements will not occur. These
assumptions, risks and uncertainties include, among other things, the state of the economy in general
and capital markets in particular, accuracy of assay results, geological interpretations from drilling
results, timing and amount of capital expenditures; performance of available laboratory and other
related services, future operating costs, and the historical basis for current estimates of potential
quantities and grades of target zones, as well as those risk factors discussed or referred to in the
Company's Management's Discussion and Analysis for the year ended December 31, 2024 available
at
www.sedarplus.ca
, many of which are beyond the control of the Company. Forward-looking
statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press
release. Except as required by law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES
LAWS
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https://www.newsfilecorp.com/release/253212