WestKam Gold Corp. Closes Private Placement

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Vancouver, BC, Feb. 02, 2024 (GLOBE NEWSWIRE) — WestKam Gold Corp. (TSX-V: WKG) (the “Company” or “WestKam”), announces it has closed a non-brokered private placement (the “Offering”) previously announced on December 4, 2023. The Company has issued 2,133,333 units (the “Units”) for gross proceeds of $160,000. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.10 for a period of two years following the close of the Offering.  

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Peter Laipnieks, President, CEO and a director of the Company and Matt Wayrynen, a director of the Company (the “Insiders”), participated in the Offering. Mr. Laipnieks purchased 166,666 Units for gross proceeds of $12,500 and Mr. Wayrynen purchased 800,000 Units for gross proceeds of $50,000. Participation by the Insiders in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization The Company did not file a material change report at least 21 days prior to the closing of the Offering as participation of the Insiders had not been confirmed at that time.

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All securities issued in connection with the closing of the Offering are subject to a hold period expiring May 3, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

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WestKam Gold Corp.

WestKam Gold Corp. is…