|February 21, 2020|
WestKam Gold Corp. Announces Shares for Debt Transaction
|Vancouver, BC, February 21, 2020 -- WestKam Gold Corp. (TSX-V: WKG) (the "Company" or "WestKam"), announces that it proposes a debt conversion to settle an aggregate of $759,193 owing to consultants, lenders and other creditors, including some insiders. The debt conversion will result in the issuance of 7,591,930 common shares at a deemed price of $0.10/share. The settled debt will include the issuance of 2,746,840 shares (approximately 18.3% of WestKam’s then-issued shares, assuming completion of all debt conversions) to a private company owned by Matt Wayrynen, the CEO, President and a director of the Company to settle $274,684 in debt. The debt settlement to Mr. Wayrynen will be a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.
About WestKam Gold Corp.
WestKam is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company's website at www.westkamgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
WestKam Gold Corp.
Contact: Investor Relations
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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