Mr. Blake Morgan reports
WESTERN STAR RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FOR AGGREGATE PROCEEDS OF CAD $3,000,000
Western Star Resources Inc. has arranged a non-brokered private placement of up to six million units of the company at a price of 50 cents per unit for aggregate gross proceeds of up to $3-million.
Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of 75 cents for a period of 24 months from the date of issuance.
The company intends to use the net proceeds for the
phase 1 and 2 drill programs
on the past-producing tungsten asset, the Rowland property, completion of its critical metals move into Nevada/America, general working capital, and market awareness. The private placement remains subject to
certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
Blake Morgan, president and chief executive officer of Western Star Resources, remarked: "Western Star Resources is entering a promising phase. This funding will supplement our existing $2.6-million treasury and provide additional capital for several drill programs. Following the acquisition of the Rowland property, tungsten prices have risen significantly from approximately $600 to over $3,000, highlighting the substantial opportunities within Western Star's past-producing tungsten property. Our team has collected historical data and identified various workings, including shafts, adits, trenches and open pits associated with prior production. Verifying and sampling these sites is a major priority as we aim to confirm the high-grade mineralization and progress the project toward drilling this season. Furthermore, the company holds multiple letters of intent and exclusivity rights on other formerly productive tungsten assets."
About Western Star Resources Inc.
Western Star Resources is an emerging junior mineral exploration company focused on revitalizing North America's tungsten supply. The company is advancing its entry into the U.S. market through the acquisition of a past-producing tungsten mine in Nevada -- one of America's most important historic tungsten districts. With this strategic move, Western Star is positioning itself to play a leading role in re-establishing a secure, domestic source of this critical mineral. The company also owns nine non-surveyed contiguous mineral claims totalling 4,740 hectares, which are located within the Revelstoke mining division of British Columbia. The Western Star property group is located approximately 50 kilometres southeast of Revelstoke, B.C., and roughly 10 kilometres north of the abandoned community of Camborne.
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