Gowest Completes Debt Conversion and Raises $11M from Warrants

Gowest Gold Ltd. announced today that it has completed its previously announced conversion of indebtedness in an aggregate amount of $6,859,900.24 into common shares of the Company (the "Debt Conversion"). Pursuant to the Debt Conversion, the Company issued an aggregate of 50,814,076 common shares at a price of $0.135 per share. For further details, see Gowest press release dated June 21, 2023.

Gowest also announced today that certain holders of outstanding common share purchase warrants of the Company (the "Warrants") have exercised these Warrants for aggregate gross proceeds to the Company of $11,000,460.90 (collectively, the "Warrant Exercises"). Specifically, an aggregate of 110,004,609 common shares of the Company were issued at a price of $0.10 pursuant to the Warrant Exercises.

All securities issuable in connection with the Debt Conversion are subject to a hold-period expiring four months and one day after the date of issuance.

C. Fraser Elliott, Chairman, commented: "I would like to thank our shareholders for their continued financial support for the Company as we develop Gowest into the newest gold miner in the Timmins Camp."

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