01:03 PM EDT, 06/10/2025 (MT Newswires) -- West Point Gold ( WPGCF ) on Tuesday said it closed a bought-deal private placement of share units that raised $8 million.

The company sold an underwriting syndicate 17.78-million units at a price of $0.45 each, including the full exercise of the underwriters' over-allotment option.

The units are made up of a share and one half of a two-year warrant to buy a second share for $0.55.

The company plans to use proceeds from the offering for exploration and advancement of its Gold Chain Project, sustaining and exploration expenditures on its projects in Nevada, and for general working capital purposes.

"As a result of West Point Gold's ( WPGCF ) recent exploration success, the company has been able to attract several high-quality institutional investors strengthening both the share registry and the company's balance sheet," said Chief Executive Officer Quentin Mai. "The company is well positioned with the capital necessary to aggressively continue advancing its Gold Chain Project in Arizona."

The company's shares were last seen up $0.01 to $0.42 on the TSX Venture Exchange.

Price: 0.42, Change: +0.01, Percent Change: +2.44