Gowest consolidated the outstanding common shares of the Corporation on a one (1) for ten (10) basis, effective June 17, 2019, following approval at the Corporation’s annual and special meeting of shareholders held on June 10, 2019. Following completion of the Consolidation, the number of issued and outstanding Common Shares was reduced from 428,571,242 to approximately 42,857,124.
The Company received gross proceeds of $8,000,000 from Fortune Future Holdings Limited pursuant to the completion of its previously announced private placement. Through this transaction, the Corporation issued and sold to Fortune an aggregate of 17,777,777 common shares at a price of $0.45 per share (on a post-Consolidation basis).
Gowest reported that assay results from a multi-purpose drill program at Bradshaw designed to provide infill detail on stopes to be mined in the bulk sample area confirmed newly-identified high-grade gold zones to the north of the main deposit.
The Company announced the departure of two directors, John Frostiak and Larry Phillips, and the addition of Parviz Farsangi, a nominee of Fortune Future Holdings Ltd.
Gowest completed an initial closing of a second Private Placement, raising gross proceeds of $2,043,049.