West Point Gold Completes C$25 Million Financing
West Point Gold Completes C$25 Million
Financing
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2026) - West Point Gold Corp. (TSXV:
WPG) (OTCQB: WPGCF) (FSE: LRA0) ("West Point Gold" or the "Company") is pleased to announce
the closing of its previously announced "commercially reasonable efforts" private placement for
aggregate gross proceeds of approximately C$25 million (the "
Offering
") for 22,727,300 common
shares (the "
Shares
") at an issue price of C$1.10 per Share (the "
Issue Price
") with SCP Resource
Finance LP, as lead agent, together with ATB Cormark Capital Markets, Red Cloud Securities Inc.,
Paradigm Capital Inc. and Canaccord Genuity Inc. (collectively, the "
Agents
").
As consideration for their services, the Agents received an aggregate cash commission of C$837,470,
which is equal to 5% of the gross proceeds of the Offering, other than Shares sold to purchasers on the
Company President's List, which were subject to a reduced cash commission of 2%.
Each of SCP
Resource Finance LP and Red Cloud Securities Inc. elected to receive 50% of their cash commission in
Shares, representing 264,162 Shares at the Issue Price ("
Agent Option Shares
").
The Agents were
also paid an advisory fee of C$34,741.
As additional consideration for their services, the Agents were
also issued 1,045,456 broker warrants ("
Broker Warrants
") equal to 5% of Shares sold, except that no
broker warrants were issued for Shares sold to purchasers on the President's List. Each Broker Warrant
issued is exercisable to purchase one Share at the Issue Price until February 19, 2028 ("
Broker
Warrant Shares
").
The Company intends to use the net proceeds from the Offering for exploration and advancement of the
Company's Gold Chain Project in Arizona, USA, and for general corporate and working capital
purposes.
All Shares, including the Agent Option Shares, and Broker Warrants and Broker Warrant Shares issued
under the Offering are subject to a statutory hold period in accordance with applicable Canadian
securities laws, expiring June 20, 2026.
The Offering remains subject to the final acceptance of the TSX
Venture Exchange.
Directors of the Company including Andrew Bowering, Anthony Paterson and Conrad Nest participated
in the Offering and acquired 659,600 Shares for C$725,560.
The participation of these insiders in the
Offering constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions ("
MI 61-101
"). The board of directors of
the Company, with Messrs. Bowering, Paterson and Nest abstaining, determined that the transaction is
exempt from the formal valuation and minority shareholder approval requirements based on the
exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as
neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders
exceeded 25 percent of the Company's market capitalization. The Company did not file a material
change report in respect of the transaction 21 days in advance of the closing of the Offering because
insider participation had not previously been confirmed and the shorter period was necessary in order to
permit the Company to close the Offering in a timeframe consistent with usual market practice for
transactions of this nature.
About West Point Gold Corp.
West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold
discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona,
USA.
West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona,
while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email:
Stay Connected with Us:
LinkedIn:
linkedin.com/company/west-point-gold
X (Twitter):
@westpointgoldUS
Facebook:
facebook.com/Westpointgold/
Website:
westpointgold.com/
FORWARD-LOOKING STATEMENTS:
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. Forward-looking statements include estimates
and statements that describe the Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or result to occur. The use of any of
the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions
and statements relating to matters that are not historical facts are intended to identify forward-looking
information and are based on the Company's current belief or assumptions as to the outcome and timing
of such future events including, among others, assumptions about future prices of gold, silver, and other
metal prices, currency exchange rates and interest rates, favourable operating conditions, political
stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses
and permits and obtaining required licenses and permits, labour stability, stability in market conditions,
availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company
cautions that all forward-looking statements are inherently uncertain, and that actual performance may be
affected by a number of material factors, many of which are beyond the Company's control. Such factors
include, among other things: risks and uncertainties relating to West Point Gold's ability to complete any
payments or expenditures required under the Company's various option agreements for its projects; and
other risks and uncertainties relating to the actual results of current exploration activities, the
uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to
production, costs and expenses; risks relating to grade and continuity of mineral deposits; the
uncertainties involved in interpreting drill results and other exploration data;
the potential for delays in
exploration or development activities; uncertainty related to the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results may vary from those
expected; statements about expected results of operations, royalties, cash flows, financial position may
not be consistent with the Company's expectations due to accidents, equipment breakdowns, title and
permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations,
fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future and regulatory restrictions, including environmental regulatory
restrictions. The possibility that future exploration, development or mining results will not be consistent
with adjacent properties and the Company's expectations; operational risks and hazards inherent with
the business of mining (including environmental accidents and hazards, industrial accidents, equipment
breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe
weather); metal price fluctuations; environmental and regulatory requirements; availability of permits,
failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study
which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating
gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, political risks, market or business conditions, regulatory
changes, timeliness of government or regulatory approvals and other risks involved in the mineral
exploration and development industry, and those risks set out in the filings on SEDAR+ made by the
Company with securities regulators. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this corporate press release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all. The
Company expressly disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, other than as required by
applicable securities legislation.
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.
Not for distribution to United States newswire services or for dissemination in the United
States. Not an offer of securities for sale in the United States.
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https://www.newsfilecorp.com/release/284533