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NewWest Gold Corporation Completes C$20.5 Million Initial Public Offering
Toronto (ots/PRNewswire) -
- Not for Distribution to United States Wire Services or for Dissemination in the United States
- Begins Trading on Toronto Stock Exchange
NewWest Gold Corporation ("NewWest" or "the Company") announced today it has successfully completed its initial public offering of 8.2 million common shares at C$2.50 per share for total gross proceeds of C$20.5 million. NewWest's common shares began trading today on the Toronto Stock Exchange under the symbol NWG. After giving effect to this offering, the Company will have 58.2 million common shares outstanding.
"We are pleased by the confidence investors have shown in NewWest," said Steve Alfers, President and Chief Executive Officer. "We are in the business of exploring and developing gold projects in the Nevada region, and drilling is already under way at three of our advanced projects. We look forward to regularly updating our progress with investors."
The offering was sold through an underwriting syndicate comprised of Canaccord Capital Corporation, GMP Securities L.P. and Wellington West Capital Markets Inc. Canaccord Capital Corporation acted as lead underwriter of this syndicate. NewWest has granted the underwriters an over-allotment option to purchase an additional number of shares at the IPO price equal to 15% of the underwritten shares for a period of 30 days following the closing of the offering.
About NewWest Gold Corporation
NewWest Gold Corporation is engaged in the business of exploring and developing gold properties in the western United States, primarily in northern Nevada in established gold trends, including the Carlin and Cortez Trends. The Company holds a total of 19 exploration projects, spanning approximately 623,000 acres of mineral interests principally on private lands. Four of these projects are advanced stage and eight more have drill indicated gold mineralization. The Company's final prospectus is available at www.sedar.com.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of future operating results and economic performance of the Company, are assumptions regarding projected revenue and expenses which, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the common shares in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The common shares of NewWest have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
@@start.t1@@ Steve Alfers Pam Saxton
President and Chief Executive Officer Vice President and Chief
ots Originaltext: NewWest Gold Corporation
Im Internet recherchierbar: http://www.presseportal.ch
For further information: NewWest Gold Corporation, Tel:
+1-(303)-425-7042, Fax: +1-(303)-425-6634, email@example.com