Gold Wheaton Gold Corp.

Gold Wheaton Gold Corp.

May 26, 2009 15:16 ET

Gold Wheaton Announces Closing of C$100 Million Debt Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2009) -


Gold Wheaton Gold Corp. (TSX VENTURE:GLW) ("Gold Wheaton" or the "Company") is pleased to announce that it has closed the C$100 million debt financing announced on March 31, 2009 with Sprott Asset Management Inc. on behalf of certain funds and managed accounts ("Sprott") and pursuant to a note indenture and first supplemental note indenture has drawn down C$50 million, as well as C$7 million of the C$15.0 million overallotment option with certain other investors. In connection with such closing, the Company has issued 71.25 million warrants exercisable at C$0.50 per share for five years from the date of closing. As previously announced the notes bear interest at the rate of 10% per annum and have a five year term. The notes and the warrants associated with the draw down have a hold period that expires on September 27, 2009.

Gold Wheaton anticipates completing a second draw down of the remaining C$50.0 million debt financing within a six month period. Gold Wheaton also has the option to increase the offering of notes by an additional principal amount of C$8.0 million (residual on the C$15.0 million overallotment option) with additional warrants issued proportionally on the same terms described herein.

Gold Wheaton was advised by Paradigm Capital Inc. who will receive a cash fee of 1.5% of the gross proceeds of the offering.

The net proceeds of the debt financing will be used for general corporate purposes, including future gold stream acquisitions.

Gold Wheaton is a gold company with 100% of its operating revenue from the sale of gold and precious metals produced by others. The Company is actively pursuing further growth opportunities. The Company's 1,430,469,668 issued and outstanding shares are listed on the TSX Venture Exchange under the symbol "GLW".

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination and reserves conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold Wheaton to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, future prices of gold or uranium, the timing and amount of estimated future production and the costs thereof; capital expenditures; the availability of any additional capital required to bring future projects into production; future prices of commodities; the failure of plant, equipment or processes to operate as anticipated; accidents; labour disputes; delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities; currency fluctuations, as well as those factors discussed in the section entitled "Description of Business - Risk Factors" in Gold Wheaton's Annual Information Form dated August 19, 2008 as filed on SEDAR. Although Gold Wheaton has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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