Winshear Gold closes $ 750,000 oversubscribed private company


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR BROADCAST USE IN THE UNITED STATES

VANCOUVER, British Columbia, December 01, 2021 (GLOBE NEWSWIRE) – Winshear Gold Corp. (TSX-V: WINS) announces that it has closed a non-middleman private placement of 7,536,000 units at $ 0.10 per unit for gross proceeds of $ 753,600. Each unit is made up of one common share and one half common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of Winshear Gold at a price of $ 0.20 for a period of 36 months from the closing date of the financing until December 1, 2024 inclusive. Cash commissions totaling $ 17,750 were paid on certain subscriptions. All of the securities issued under this private placement will be subject to a four-month plus one-day holding period which will expire on April 2, 2022.

The proceeds of the financing will be used for exploration, business development and general working capital purposes. Winshear Gold is focused on advancing the Gaban gold project towards a drilling program in southeastern Peru.

This private placement contains related party transactions with insiders purchasing a total of 1,892,000 units of the placement. These transactions are exempt from the valuation and shareholder exemption requirements of Multilateral Instrument 61-101 in accordance with, in addition to other articles, art. 5.5 (a) and 5.7 (1) (a) respectively of this instrument. No material change report was filed prior to the closing of this offering due to uncertainty in advance of when and if final TSXV approval would be obtained, whether material details relating to the offering would change and other important information. The private placement includes the purchase by Palamina Corp., an insider of the Company, of 1,092,000 units for a total holding of 11,872,000 shares and 546,000 warrants representing a partially diluted 19.99% equity position. in the society.

ALL SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED IN THE UNITED STATES. SECURITIES ACT OF 1933 (THE “1933 ACT”) AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A US PERSON IN THE ABSENCE OF SUCH REGISTRATION OR EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE LAW OF 1933.

About Winshear Gold Corp

In 2019, Winshear acquired the Gaban gold project in the Puno region, southeastern Peru and the Tinka IOCG project in the Ica district, southern Peru, from Palamina Corp. Since then, the Company has discovered and delineated the Coritiri and Yanamayo bedrock gold anomalies at Gaban. over an area of ​​approximately 2.2 km by 1 km. Winshear, formerly Helio Resource Corp., also filed its brief for a $ 124.8 million arbitration claim against the Tanzanian government to recover its investment in the SMP gold project in Tanzania. Arbitration fees and associated legal fees are fully covered by an arbitration funding group in exchange for a share of any proceeds recovered.

For more information, please contact Richard Williams at (604) 210-8753 or by email at [email protected]

ON BEHALF OF THE BOARD OF DIRECTORS

“Richard D. Williams”
Richard D. Williams, geologist

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.


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