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Gowest Gold Ltd : Gowest Gold Announces Receipt of Statement of Claim from Cementation Canada Inc

Gowest Gold Closes First Tranche of Private Placement of Flow-Through Units

TORONTO, Dec. 21, 2020 (GLOBE NEWSWIRE) Gowest Gold Ltd. (“ Gowest” or the “ Company”) (TSX VENTURE: GWA) announced today that it has completed the first tranche of a private placement, on a non-brokered basis, of 2,666,903 flow-through units of the Company (the “ FT Units”), at a price of $0.39 per FT Unit, for gross proceeds of $1,040,092.17 (the “ Private Placement”). Each FT Unit comprised one common share and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “ Warrant”) issued on a flow-through basis, with each Warrant being exercisable to acquire one common share of the Company at a price of $0.45 until December 31, 2022. The common shares underlying the Warrants will not be issued as flow-through shares.

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