Vancouver, British Columbia–(Newsfile Corp. – February 19, 2026) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) (“West Point Gold” or the “Company”) is pleased to announce the closing of its previously announced “commercially reasonable efforts” private placement for aggregate gross proceeds of approximately C$25 million (the “Offering”) for 22,727,300 common shares (the “Shares”) at an issue price of C$1.10 per Share (the “Issue Price”) with SCP Resource Finance LP, as lead agent, together with ATB Cormark Capital Markets, Red Cloud Securities Inc., Paradigm Capital Inc. and Canaccord Genuity Inc. (collectively, the “Agents”).
As consideration for their services, the Agents received an aggregate cash commission of C$837,470, which is equal to 5% of the gross proceeds of the Offering, other than Shares sold to purchasers on the Company President’s List, which were subject to a reduced cash commission of 2%. Each of SCP Resource Finance LP and Red Cloud Securities Inc. elected to receive 50% of their cash commission in Shares, representing 264,162 Shares at the Issue Price (“Agent Option Shares“). The Agents were also paid an advisory fee of C$34,741. As additional consideration for their services, the Agents were also issued 1,045,456 broker warrants (“Broker Warrants“) equal to 5% of Shares sold, except that no broker warrants were issued for Shares sold to purchasers on the President’s List. Each Broker Warrant issued is exercisable to purchase one Share at the Issue Price until February 19, 2028 (“Broker Warrant Shares“).
The Company intends to use the net proceeds from the Offering for exploration and advancement of the Company’s Gold Chain Project in Arizona, USA, and for general corporate and working capital purposes.
All Shares, including the Agent Option Shares, and Broker Warrants and Broker Warrant Shares issued under the Offering are subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring June 20, 2026. The Offering remains subject to the final acceptance of the TSX Venture Exchange.
Directors of the Company including Andrew Bowering, Anthony Paterson and Conrad Nest participated in the Offering and acquired 659,600 Shares for C$725,560. The participation of these insiders in the Offering constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The board of directors of the Company, with Messrs. Bowering, Paterson and Nest abstaining, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements based on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company’s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of the closing of the Offering because insider participation had not previously been confirmed and the shorter period was necessary in order to permit the Company to close the Offering in a timeframe consistent with usual market practice for transactions of this nature.
About West Point Gold Corp.
West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: info@westpointgold.com
Stay Connected with Us:
LinkedIn: linkedin.com/company/west-point-gold
X (Twitter): @westpointgoldUS
Facebook: facebook.com/Westpointgold/
Website: westpointgold.com/
looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to United States newswire services or for dissemination in the United States. Not an offer of securities for sale in the United States.
Source: West Point Gold Corp.
