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Gowest Closes Private Placement
Published : December 19, 2012
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Keywords :   Canada | Canadian Gold | Gold | Timmins Gold | Total |

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Gowest Gold Ltd. ("Gowest" or the "Corporation") (News - Market indicators)(OTCBB:GWSAF) announces that it has closed its previously announced private placement (the "Offering") of units ("Units") and "flow-through" units ("FT Units") for total gross proceeds of approximately $3,000,650.

Pursuant to the Offering, the Corporation issued and sold: (i) 6,615,045 Units, at a price of $0.11 per Unit, for gross proceeds of approximately $727,650; and (ii) 18,942,000 FT Units, at a price of $0.12, for gross proceeds of approximately $2,273,000. Each Unit was comprised of one common share of the Corporation and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") and each FT Unit was comprised of one common share of the Corporation issued as a "flow-through share" (as defined in subsection 66(15) of the Income Tax Act (Canada)) and one-half of one Warrant. Each Warrant is exercisable to acquire one common share of the Corporation at a price of $0.14 any time prior to 5:00 p.m. (Toronto time) on December 19, 2014.

The net proceeds of the Offering will be used for the exploration and development of the Corporation's mineral properties in Ontario, including the Corporation's Frankfield East gold deposit in the Timmins gold camp, and for general corporate purposes.

Mackie Research Capital Corporation (the "Agent") acted as exclusive agent in connection with the Offering and, together with certain selling group members, was paid a commission equal to 7% of the gross proceeds of the Offering (or 3.5% in respect of certain president's list purchasers). Part of the commission was satisfied by the issuance of 255,207 Units (having a deemed value of $0.11 per Unit) and the remainder was paid in cash. In addition, the Corporation issued compensation options to the Agent and certain selling group members exercisable to purchase an aggregate of 1,730,575 Units, at a price of $0.11 per Unit, any time prior to 5:00 p.m. (Toronto time) on December 19, 2014.

The securities offered have not, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer for sale of securities in the United States.

The securities issued in connection with the Offering are subject to a hold period expiring April 20, 2013.

About Gowest

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit. Gowest is exploring additional gold targets on the Frankfield land package and continuing to evaluate acquisition targets in the vicinity of the Frankfield project area, part of the prolific Timmins, Ontario gold camp.

Forward-looking statements

This news release contains certain "forward-looking statements" including statements relating to the use of the proceeds of the Offering. Such forward-looking statements involve risks and uncertainties. The results or events depicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

Gowest Gold Ltd.
Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.com
or
Gowest Gold Ltd.
Greg Taylor
Investor Relations
(905) 337-7673 / Cell: (416) 605-5120
gtaylor@gowestgold.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All
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Gowest Amalgamated Resources Ltd.

EXPLORATION STAGE
CODE : GWA.V
ISIN : CA38383Q1090
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Financings of Gowest Amalgamated Resources Ltd.
12/19/2012Closes Private Placement
12/12/2012Increases Size of Previously Announced Brokered Private Plac...
11/29/2012Announces Brokered Private Placement
12/22/2010Gold Completes Brokered Private Placement Financing Through ...
11/30/2010Announces $2,500,000 Offering
Option Grants of Gowest Amalgamated Resources Ltd.
2/28/2011Grant of 2.575.000 Options to directors, officers and consu...
Nominations of Gowest Amalgamated Resources Ltd.
6/6/2011Gold Appoints New Board Member
Project news of Gowest Amalgamated Resources Ltd.
5/29/2013(Frankfield)Gold Signs Letter of Intent; Plan to Process Frankfield East...
4/8/2013(Frankfield)Gold Intercepts 5.42 g/t Gold Over 12.3m at Frankfield East
1/7/2013Files NI 43-101 Technical Report on SEDAR
11/20/2012(Frankfield)Increases Indicated Gold Resources by 170% to 945,600 Oz. at...
11/12/2012Advancing Towards Early Gold Production with Third Party Pro...
11/12/2012Advancing Towards Early Gold Production with Third Party Pro...
7/13/2011(Frankfield)Continues to Define Deep Mineralisation Extensions at Frankf...
4/21/2011(Frankfield)Completes Acquisition of Additional Mineral Rights Contiguou...
12/1/2010(Frankfield)Completes Acquisition of 100% Interest in Additional Mining ...
9/7/2010(Frankfield)Intersects 5m of 8=2E1 g/t Gold on
1/25/2010(Frankfield)20,000 Metre Drill Program Underway at The Frankfield Gold P...
2/15/2006(Frankfield)2006 Technical report
Corporate news of Gowest Amalgamated Resources Ltd.
10/22/2013Signs Letter of Intent to Receive $1.5 Million for 2 Percent...
10/3/2013Gold Issues Shares in Lieu of Cash
9/11/2013Gold Continues to Advance Bradshaw Gold Deposit Towards Prod...
8/16/2013Gold Renames Areas in Honour of Key Contributors
7/5/2013Gold Regrets the Passing of Randal Roussain
7/5/2013Gold Regrets the Passing of Randal Roussain
6/19/2013Gold Intercepts 5.01 g/t Gold Over 4.4 M on New Target Area ...
4/15/2013Gold Issues Final Tranche of Shares to Mattagami First Natio...
3/1/2013Gold Announces Grant of Options, Issues Shares
1/14/2013Gold Joined by Senior Engineering Consultant
9/10/2012Demonstrates Potential to Reduce Capital and Operating Costs...
10/6/2011Gold Update
7/19/2011Announces $3,200,000 Offering
6/14/2011Gold Ltd. Retains Renmark Financial Communications Inc.
5/31/2011Gold Announces Conference Call Wednesday 11am ET Correspondi...
4/6/2011Announces Name Change
2/17/2011Gowest Amalgamated Resources Ltd=2E: Implementation of Share...
2/17/2011Implementation of Shareholder Rights Plan
12/7/2010Gowest Finds Presence of Significant Parallel Gold-Bearing S...
11/24/2010Engages Consultant to Promote Investor Relations
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TSX-V (GWA.V)
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