DENVER--(BUSINESS WIRE)--WestMountain Gold, Inc. (“WestMountain”) (OTCBB:WMTN), a mineral exploration and development company, is pleased to announce the closing of its private placement (the “Offering”) on January 4, 2013.
The Company sold 1,519,699 common shares for total proceeds of $1,139,751. The majority of the financing was taken by individual accredited investors. The Company has paid customary fees and costs in connection with a portion of the Offering. The restricted securities issued in the Offering have applicable hold periods in the United States from the closing of the Offering. All common shares issued in the United States are subject to resale restrictions under U.S. federal and state securities laws.
The net proceeds from the Offering are intended for use to complete obligations of the Terra Project and Company for 2012.
About WestMountain Gold, Inc.
WestMountain Gold, Inc. (OTCBB:WMTN) is an exploration and development company that explores, acquires, and develops advanced stage properties. The Company has a high-grade gold system in the resource definition phase with 168,000 ounces of inferred gold, which in total offers potential of greater than 1,000,000 ounces that is owned by the Company’s wholly owned subsidiary, Terra Gold Corporation (“TGC”). The WestMountain property consists of 344 Alaska state mining claims covering 223 square kilometers. All government permits and reclamation plans for continued exploration through 2014 were renewed in 2010.
TGC is a joint venture partner of Corvus Gold, Inc. (“Corvus”) on this project. TGC has the right to earn a 51% interest in the Terra Project from Corvus by spending a total of USD $6.0 million by December 31, 2013. TGC can further increase its ownership to 80% with an additional USD $3.05 million investment, bringing to a total of USD $9.05 million capital investment by December 31, 2014. Additional details are available at www.westmountaingold.com.