West Vault Mining closes $16.5 million private placements, using proceeds to consolidate ownership of 100% of Hasbrouck Gold Project

13 August 2020

On August 13, 2020, West Vault Mining Inc. (WVM: TSXV) ("West Vault") closed its previously announced brokered private placement of common shares for aggregate gross proceeds of $6,348,000 including the exercise in full of the agents' over-allotment option. 

West Vault also announced that it had completed the previously announced non-brokered private placement of common shares of the company for aggregate gross proceeds of $10,183,250, with two of its major shareholders. West Vault raised total gross proceeds of $16,531,250 from both the brokered and non-brokered private placements. 

On August 14, 2020, the proceeds of both private placements were used to finance West Vault's purchase of a 25% interest in the Hasbrouck Gold Project, located in Tonopah, Nevada, from Clover Nevada LLC, a subsidiary of Waterton Precious Metals Fund II Cayman, LP ("Waterton"), thus consolidating 100% ownership of the Project by West Vault. To acquire Waterton's interest, West Vault paid US$10 million in cash and issued one million of its common shares to Waterton.

Gowling WLG advised West Vault with respect to the private placements and the acquisition with a team that included Daniel Allen, Brett Kagetsu and Raymond Ong (corporate) and Brent Kerr (tax), assisted by paralegal Toni Vodola.

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