VANCOUVER, March 21, 2012 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement by issuing 2.4 million units at $0.75 per unit, for gross proceeds of $1.8 million. Each unit consists of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share for two years at $1.00. The Company also issued 62,500 common shares and 131,250 warrants as finders' fees in connection with this portion of the financing. The finders' fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until July 17, 2012.
The net proceeds of the placement will be used towards the acquisition and exploration of the Cordoba Property, Colombia and for general working capital purposes. The TSX Venture Exchange has approved the transaction whereby the Company will acquire an initial 11% interest in the Cordoba Property. The acquisition is scheduled to close early next week.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of 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.
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.