Vancouver, British Columbia--(Newsfile Corp. - June 9, 2023) - Westmount Minerals Corp. (CSE: WMC) ("Westmount" or the "Company") is pleased to announce a fully subscribed, non-brokered, private placement financing of $250,000 priced at $0.05 per Unit. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable into a common share for a period of 24 months at an exercise price of $0.075 for the first year and $0.10 for the second year following the Closing Date.
Proceeds from the financing shall be used for exploration activities on Westmount's Ontario lithium projects as well as working capital and general corporate activities. Initial exploration focus will be on Westmount's recently acquired, Kaba Lithium Project, located in the Georgia Lake area of Northwestern Ontario. Closing will be subject to the Canadian Securities Exchange (CSE) approval, and any shares issued will be subject to a four-month hold period.
About Westmount Minerals Corp.
Westmount is focused on mineral exploration in the Americas and is well positioned in the emerging world-class critical minerals district of NW Ontario. Its 3,486 hectares, Kaba lithium property is located in the Georgia Lake, lithium-pegmatite region in close proximity to Rock Tech Lithium Inc. Multiple pegmatite showings have been documented and mapped on the Property by the Ontario Geological survey. Additionally, Westmount can earn a 100% interest in the 5,002 hectare lithium-pegmatite bearing, Otatakan and Pilot East Lithium properties located near Ear Falls, Ontario. The properties are just south of Green Technologies' expanding Root deposit.
The Company has advanced the Douay East gold property located within the greater Abitibi Greenstone Belt region in Quebec to the drill-ready stage.
On Behalf of the Board of Directors
David Tafel
Chief Executive Officer and Director
For further information, please contact:
David Tafel
Chief Executive Officer and Director
(604) 683-1991
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Douay East Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 14, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169425
