On Oct. 25, the company announced it would offer up to 21 million flow-through shares at $0.18 per share for gross proceeds of $4 million, and 23 million common share units at a price of $0.16 per unit for gross proceeds of another $4 million.
Proceeds will be used for exploration work at its North Timmins Gold Project and general working capital purposes.
The company said total development at its Bradshaw deposit reached 790 metres on Oct. 17.
“Ramp development to the 30-metre level is complete and the underground team has started to cross-cut the ore there,” the company said in a release.
“Development continues on the 45-metre level, where cross-cutting of the ore is also progressing well. The mine plan includes continuation of the ramp down to the 60 metre level, and this work will commence shortly.
“Site infrastructure construction also remains on schedule and as planned.”
The company has completed its infill drilling program in advance of extracting a bulk sample, and regional exploration will start soon.
"Our team continues to make excellent progress and to keep to the projected timelines for both the underground development and in building the infrastructure for the bulk sample program at Bradshaw,” said Greg Romain, Gowest's president, in a news release.
“At the same time, we are doing all that we can to ensure the successful completion of our joint-venture agreement for the Redstone Mill with Northern Sun, as well as taking the necessary steps towards making Bradshaw the next new gold mine in the Timmins camp."
The North Timmins Gold Project is located 32 kilometres north-northeast of the City of Timmins.