West Point Gold (TSX-V:WPG) has completed a C$25 million ($25.87 million) private placement to advance exploration at its Gold Chain Project in Arizona.
Around 22.7 million common shares were issued at C$1.10 per share in the financing led by SCP Resource Finance, along with ATB Cormark Capital Markets, Red Cloud Securities, Paradigm Capital and Canaccord Genuity.
The agents received a cash commission of C$837,470, representing five percent of the gross proceeds, with a reduced two percent commission for shares sold to purchasers on the company president’s list. SCP Resource Finance and Red Cloud Securities elected to receive half their commission in shares, totalling 264,162 shares.
Company directors Andrew Bowering, Anthony Paterson and Conrad Nest participated in the placement, acquiring 659,600 shares for C$725,560.
West Point, formerly known as Gold79 Mines, focuses on gold exploration across four Walker Lane trend projects in Nevada and Arizona. The company aims to develop a maiden resource at Gold Chain, while joint venture partner Kinross Gold (TSX:K) advances the Jefferson Canyon Project in Nevada.
Alongside exploration activities at Gold Chain, the funds will be used for general working capital purposes.
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Images: West Point Gold
