/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Nov. 18, 2011 /CNW/ - Wesgold Minerals Inc. (TSXV: WSG) is
pleased to announce a proposed split of its issued shares on the basis
of every one existing share being split into two shares. This
transaction is subject to acceptance by the TSX Venture Exchange and to
shareholder approval which will be requested at the Company's annual
general meeting to be held in December 2011.
The Company also announces that it has amended, subject to Exchange
approval, certain of the terms of its previously announced private
placement financing. The financing will now be for up to 10 million
units at $1.00 per unit, on a pre-split basis, for proceeds of up to
$10 million. Each unit will consist of one common share and one full
warrant entitling the holder to purchase one additional common share of
the Company at $1.25 for two years from closing.
If at any time from four months and one day after the closing of the
financing, the volume-weighted average trading price of the Company's
common shares on the TSX Venture Exchange over a period of 20
consecutive trading days exceeds $1.90, the Company may, within five
days after such an event, provide notice to the warrant holders that
the warrants will expire early, namely, on the date which is 30
calendar days after the date of such notice to the warrant holders.
Wesgold is awaiting the granting of concession applications on certain
key portions of the Cordoba Property, Colombia (recently optioned from
Minatura International). Accordingly, the investors participating in
the financing will have the option of having their funds held in escrow
until such concessions have been granted, or releasing their funds to
the Company without any escrow restrictions.
The Company will allocate a portion of the financing to subscribers
found by Axemen Resource Capital Ltd., an Exempt Market Dealer, and may
agree to similar allocations to other exempt market or investment
dealers. The Company will pay finder's fees equal to 5% of subscription
amounts found, payable in cash or units, plus issue finder's warrants
in an amount equal to 5% of units purchased, with each such finder's
warrant to be exercisable into one common share of the Company at a
price of $1.25 for two years.
The net proceeds of the placement will be used towards the acquisition
and exploration of the Cordoba Property and for general working capital
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration gold and copper projects in
Colombia. Wesgold recently optioned from Minatura the Cordoba
property, covering 25,790 hectares in the Department of Cordoba,
Colombia, 200km north of the city of Medellin.
ON BEHALF OF THE BOARD
Simon Ridgway, Chairman of the Board
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available
SOURCE Wesgold Minerals Inc.
For further information:
For further information, please refer to the Company's filings on SEDAR (www.sedar.com) or contact the Company by telephone at 604-801-5432.