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Vancouver, British Columbia – TheNewswire - August 24, 2022 – Westward Gold Inc. (CSE:WG), (OTC:WGLIF), (FSE:IM50) ("Westward" or the "Company") announces that it has completed its third anniversary payment to First Mining Gold Corp. ("First Mining") related to the option agreement (the "Agreement") entered into by Momentum Minerals Ltd., a wholly-owned subsidiary of Westward, and First Mining. The Company is currently earning into a 100% ownership position in the Turquoise Canyon Project ("Turquoise Canyon"), based on the Agreement dated August 20, 2019, as amended on August 19, 2020.
As per the Agreement, Westward has elected to pay First Mining C$137,500 in shares, based on the trailing 30-day volume-weighted average price on the CSE. The Company has issued a total of 1,544,944 shares at a deemed price of C$0.089 per share; following the issuance, First Mining will own 2,755,843 shares of Westward, representing approximately 4.0% of the total issued and outstanding shares of the Company.
