Westward Gold Announces Upsizing of Non-Brokered Private Placement Financing to C$12M

Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50) is pleased to announce that, due to demand, it is upsizing its previously-announced non-brokered private placement (the “Offering” ) and now intends to issue up to 48,000,000 units (each, a “Unit” ) at a price of C$0.25 per Unit (the “Offering Price” ), for aggregate gross proceeds to the Company of up to C$12,000,000. Each Unit will be comprised of one common share of the Company (each, a “Common Share” ) and one-half of one common share purchase warrant (each whole warrant, a “Warrant” ). Each Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of C$0.40 for a period of 24 months following the closing date of the Offering. Current strategic investors Crescat Capital LLC ( “Crescat” ) and Concept Capital Management Ltd. ( “Concept Capital” ) have advised the Company that they intend to participate in the Offering for combined gross proceeds of $2,800,000. Crescat has advised that they intend to increase their previously-disclosed allocation, and subscribe for 7,200,000 Units for gross proceeds of $1,800,000, and Concept Capital has advised that they intend to subscribe for 4,000,000 Units for gross proceeds of $1,000,000. The net proceeds from the Offering will be used primarily (i) to fund ongoing drilling at the Company’s flagship Toiyabe Hills Property along the Cortez Trend in Nevada, in addition to further trenching, detailed geological mapping, rock-chip and soil sampling programs, and geophysical surveys, (ii) to increase cash bonding in relation to Westward’s existing Plan of Operations with the U.S. Bureau of Land Management to allow for expanded ground disturbance, and (iii) for general working capital purposes. Closing of the Offering is subject to receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange (the “CSE” ). The Common Shares and Warrants issued in relation to the Offering will be subject to a hold period of four months and one day, in accordance with applicable securities laws and the requirements of the CSE. In connection with the Offering, the Company expects to pay finder’s fees up to 7% of the gross proceeds of the Offering, which may be paid in cash or in Units issued at the Offering Price, and to issue finder’s warrants up to 7% of the number of Units issued in the Offering, which will be exercisable at a price of $0.30 per Common Share for a period of 24 months. Certain insiders of the Company intend to acquire Units in the Offering. The participation by such insiders in the Offering will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ( “MI 61-101” ). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, based on the fact that neither the anticipated fair market value of the Units subscribed for by the insiders, nor the consideration for the Units to be paid by such insiders, will exceed 25% of the Company’s current market capitalization. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States