Gowest Gold Ltd. announced a proposed non-brokered private placement of up to 11,111,111 flow-through units at a price of CAD 0.18 per unit for gross proceeds of up to CAD 2,000,000 for May 18, 2023. Each flow-through unit will be comprised of one common share and one common share purchase warrant, issued on a flow-through basis, with each warrant being exercisable to acquire one additional common share of the corporation at a price of CAD 0.24 for a period of 24 months following the closing date of the transaction. The common shares underlying the warrants will not be issued as flow-through shares.

It is anticipated that the closing of the transaction will occur on or about June 15, 2023, the transaction may be completed with one or more tranches. The closing of the transaction is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Further, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation, the corporation may pay a finders' fee in connection with the transaction equal to up to 8% of the gross proceeds received from the sale of shares sold to subscribers introduced to the corporation by the finder.

All the securities issued or issuable pursuant to the transaction will be subject to a hold period in Canada expiring four months and one day after the date of issuance.