Winston Gold closes $2.38-million private placement

Nov 21, 2016

WINSTON RAISES $2.38 MILLION IN NON BROKERED PRIVATE PLACEMENT

Further to its news release of Oct. 20, 2016, Winston Gold Mining Corp. has closed a non-brokered private placement of Class A common shares of the corporation at 40 cents per share. The offering consisted of 5,968,750 shares for aggregate gross proceeds of $2,387,500.

“We are very pleased to have completed this second round of financing,” commented Murray Nye, chief executive officer and director of Winston Gold Mining. “The continued support from our shareholders, not only speaks to the quality of our team but to the potential of our two high-grade gold projects.”

The corporation has paid finder cash commissions totalling $80,480, being 8 per cent of the aggregate proceeds from the sale of shares to purchasers introduced by the finders. The corporation has also issued non-transferable Class A common share finder broker warrants totalling 201,200 warrant shares, being 8 per cent of the number of shares to purchasers introduced by the finders, each warrant entitling the holder to purchase one additional share in the share capital of the corporation, at an exercise price of 40 cents, exercisable on or before Nov. 18, 2018.

“Our plan is to continue our aggressive drilling campaign at the Winston project, with the goal of delineating the most dominant and accessible mineralizing structures,” said Mr. Nye. “This information will be fundamental to planning and executing our next phase of development which will be underground test mining.”

All securities issued in connection with the offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on March 19, 2017. The net proceeds received from the offering will be used by the corporation to expedite the development of the corporation’s near-term U.S. production projects (as described in the corporation’s Oct. 20, 2016, news release) and for general working capital.

About Winston Gold

Winston Gold has acquired two underexplored and underexploited gold/silver mining opportunities, being the Winston gold project near Helena, Mont., and the Gold Ridge project near Willcox, Ariz.