Gowest Provides Update on Previously Announced Investment

Not for distribution to United States news services or dissemination in the United States

TORONTO, March 10, 2022 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“go west“or the”society”) (TSX VENTURE: GWA) announced today that it has completed the issue and sale to Greenwater Investment Hong Kong Limited (“green water”) of promissory notes in the aggregate principal amount of $7,500,000 (the “promissory notes”), for an aggregate purchase price of $7,500,000.

The issuance and sale of the promissory notes is part of a larger financing initiative of the Company under which the Company may raise aggregate gross proceeds of up to $19,000,000 (the “Offer”), subject to the terms and conditions of the subscription agreement between the Company and Greenwater relating to the Offering. For further details regarding the promissory notes and the offer, please see Gowest’s press release dated January 24, 2022.

Dan Gagnon, President and CEO of Gowest, said, “The financing continues to demonstrate the support we have from our existing shareholders as we proceed with the development of the Bradshaw mine and surrounding properties.

Subject to receipt of the required shareholder approval, the promissory notes will be automatically converted into shares of the Company (“Units”) at a conversion price of $0.13 per unit. Assuming the conversion of the promissory notes, a total of 57,692,307 units will be issued by the Company. Each Unit will consist of one common share of the Company and one common share purchase warrant (a “To guarantee”), each warrant exercisable to purchase one additional common share of the Company for a period of two years following receipt of shareholder approval, at a price of $0.16 per unit during the first period of 12 months following receipt of shareholder approval and at a price of $0.17 per unit during the second 12-month period following receipt of shareholder approval.

The proceeds of the placement will be used primarily by the company for the continued development of Bradshaw.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, US persons absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer of securities for sale in the United States.

All securities issuable under the Offering will be subject to a hold period expiring four months and one day after the date of issue. The placement remains subject to obtaining final approval from the TSX Venture Exchange.

Shareholder Meeting Update

The Company has called an extraordinary meeting of shareholders of the Company (the “Meeting”), to be held on March 31, 2022, for the purpose of obtaining shareholder approval of certain aspects of the offer, including the conversion of the promissory notes into units in accordance with their terms.

Further information regarding the Offering can be found in the Company’s Management Information Circular dated February 18, 2022 and prepared in connection with the Meeting. The management information circular is available under the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.gowestgold.com. All shareholders are urged to read the management information circular and vote at the meeting.

About Gowest

Gowest is a Canadian-based gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw (Bradshaw) gold deposit on the Frankfield Property, part of the North Timmins Gold Project (NTGP) of the society. Gowest is exploring additional gold targets on its over 100 square kilometer NTGP land package and continues to evaluate the area, which is part of the prolific gold camp in Timmins, Ontario. Currently, Bradshaw contains a National Instrument 43‐101 indicated resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an inferred resource of 3.6 million t grading 6.47 g/t Au containing 755,000 oz Au. Additionally, based on the pre-feasibility study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources includes Mineral Reserves) in the probable category, using a cut-off of 3 g/t Au and using a gold price of US$1,200/oz, totaling 1.8 million t grading 4.82 g/t Au for 277,000 oz Au.

Forward-looking statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, but are not limited to, statements relating to: the offering; the proposed use of the proceeds of the Offering; and the extraordinary meeting of shareholders of the Company. Words such as “may”, “should”, “might”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend” , “potential” and similar expressions may be used to identify such forward-looking statements, although not all forward-looking statements contain such words.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including the risks associated with the Offer and the financing generally, such as the failure to satisfy the closing conditions contained in the Subscription Agreement, the absence of material adverse changes or other events that could give Greenwater the basis on which to terminate the Subscription Agreement, and the Company’s ability to complete and send the information circular with respect to the Meeting and to hold the Meeting within the time periods indicated. Other risk factors are also set forth in the Company’s MD&A and other filings available through the System for Electronic Document Retrieval and Analysis (SEDAR) under the Company’s profile at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may differ materially from those expressed or implied by this press release. These factors should be carefully considered and the reader should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this press release and, except as required by law, the Company does not intend or undertakes any obligation to update or revise these forward-looking statements, whether whether as a result of new information, future events or otherwise.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

For more information, please contact:
Dan Gagnon Greg Taylor
President and CEO Investor Relations
Tel: (416) 363-1210 Tel: (416) 605-5120
Email: [email protected] Email: [email protected]

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