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Westmount Minerals Corp. (CSE: WMC) ("Westmount") is pleased to announce the results of its annual general meeting of shareholders (the "Meeting") held on June 18, 2026, and further announces a proposed change of name (the "Name Change") along with a consolidation of its issued and outstanding common shares on a 4:1 basis (the "Consolidation"), to be followed by a non-brokered private placement (the "Offering") of up to 8,370,175 post-consolidation units for aggregate gross proceeds of up to $1.005M at $0.12 (post-consolidation). The Consolidation is expected to be completed prior to the closing of the Offering, and completion of the Consolidation, the Name Change and the Offering remains subject to acceptance by the Canadian Securities Exchange (the "CSE").
Results of the Meeting
At the Meeting, shareholders approved all matters put forward by management, including:
The re-appointment of Davidson & Company LLP as Westmount's auditor for the ensuing year, with remuneration to be determined by the board of directors; and
The election of John R. Alcock, Bryan Atkinson and Robert L'Heureux as directors of Westmount for the ensuing year.
Following the Meeting, Westmount's board reflects a balance of operational leadership and independent oversight, supporting disciplined governance and long-term value creation. Following the Meeting, David Tafel and Jeremy Wright were re-appointed as Chief Executive Officer and Chief Financial Officer of Westmount, respectively.
The Consolidation and Name Change
Westmount proposes to consolidate its common shares on the basis of every four (4) pre-Consolidation common shares for one (1) post-Consolidation common share. No fractional shares will be issued and any fractional shares of less than 0.5 will be rounded down to the nearest lower whole share and fractional shares of 0.5 or more will be rounded up to the nearest higher whole share. The total number of outstanding common shares will be proportionally reduced, but each shareholder's percentage ownership in Westmount and the value of their holdings will remain unchanged, subject to adjustments for fractional common shares. There are currently 50,909,001 common shares outstanding and it is anticipated that, following the Consolidation, there will be approximately 12,727,250 common shares outstanding.
Westmount proposes to change its name to "Wayfinder Metals Corp.". The Name Change aligns Westmount's branding with its current operations and long-term strategic objectives.
The Consolidation and Name Change were approved by Westmount's directors in accordance with Westmount's Articles.
The Offering
After completion of the Consolidation and Name Change, Westmount then proposes to complete a non-brokered private placement of up to 8,370,175 units (the "Units") at a price of $0.12 per Unit, to raise gross proceeds of up to $1.005M. Each Unit will consist of one (1) common share of Westmount and one-half of a share purchase warrant (each whole share purchase warrant, a "Warrant"). Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.20 per share for a period of two (2) years from the date of closing of the Offering. The terms of the Offering are subject to satisfactory notice to the CSE. No finder's fees are expected to be paid in connection with this Offering.
All securities sold pursuant to the Offering will be subject to a four-month hold period. The net proceeds from the Offering will be used for general working capital requirements.
The securities of Westmount have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Westmount Minerals Corp.
Westmount is focussed on acquiring high quality base and precious metal assets globally. For more information, please refer to Westmount's prospectus dated February 14, 2022, available on SEDAR+ (www.sedarplus.ca).
For further information, please contact:
Bryan Atkinson
Executive Chair
T: (780) 437-6624
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Consolidation, the Name Change, the Offering, the timing and completion of the Consolidation, Name Change and the Offering, and receipt of required regulatory approvals, including acceptance by the CSE. Forward-looking statements are based on assumptions believed by Westmount to be reasonable as of the date hereof, but are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including risks related to market conditions, regulatory approval, and the ability to complete the Offering on the terms contemplated or at all. Readers are cautioned not to place undue reliance on forward-looking statements. Westmount does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302162
