01:36 PM EDT, 06/17/2024 (MT Newswires) -- Gowest Gold ( GWSAF ) on Monday said it reached a loan agreement with 15748593 Canada to borrow up to $10 million.

The company said the loan is unsecured and carries a 12% interest rate.

The company will use the proceeds for general working capital requirements, to fund its exploration program and to prepare the Redstone Mill for the anticipated milling of Gowest ore.

Earlier this month, Gowest entered into a toll milling agreement with Northern Sun Mining to mill and process ore produced from Gowest's Bradshaw mine at its Redstone Mill in Timmins, Ontario.

Gowest shares were last seen down $0.005 to $0.065 on the TSX Venture Exchange.

Price: 0.07, Change: -0.01, Percent Change: -7.14