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FINWIRES

Westgate Energy to Raise CA$5 Million Via Bought-Deal Private Placement

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Westgate Energy (WGT.V) agreed to sell to Haywood Securities, the underwriter, on a bought-deal private placement basis, 20-million of its units at CA$0.25 apiece for CA$5 million, subject to some conditions, it said in a statement late Tuesday.

Each unit consists of one share and two-year warrant, with each warrant entitling the holder to buy a share for CA$0.35 apiece, subject to an acceleration clause. Westgate also granted the underwriter an option to buy, or to find substituted purchasers for, up to an additional 3-million units at a price per additional unit equal to CA$0.25 for additional proceeds of CA$750,000, it said.

Proceeds will be used to fund drilling and development activities on its Mannville Stack assets and for working capital and general corporate needs.

Shares of the company closed up 6.9% to CA$0.31 on Tuesday on the TSX Venture Exchange.

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