Westgate Energy closes best-efforts financing

On April 2, 2025, Westgate Energy Inc. (“Westgate") announced the closing of its previously announced best-efforts financing of units, at a price of C$0.15 per unit, for aggregate gross proceeds of approximately C$2.5 million. Each unit offered is comprised of one common share in the capital of Westgate and one Westgate common share purchase warrant. Each warrant entitles the holder to acquire one common share for an exercise price of C$0.24 per share for a period of 24 months from the date of closing.

The offering was led by Haywood Securities Inc. as the sole agent and bookrunner.

Westgate intends to use the net proceeds from the offering to fund the recently announced acquisition of Mannville Stack focused assets in East-Central Alberta near Frog Lake.

Further information can be found on Canada Newswire’s website.

Westgate Energy is a newly public, high-growth junior exploration and production (E&P) company focused on responsibly unlocking untapped Mannville Stack medium and heavy oil resources in Eastern Alberta.