Mr. Blake Morgan reports
WESTERN STAR RESOURCES ANNOUNCES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT AND APPOINTMENT OF DIRECTOR
Further to Western Star Resources Inc.'s news release of April 16, 2026,
it has closed its non-brokered private placement and raised $3,193,713 through the issuance of 6,387,426 units at a price of 50 cents per unit. Each unit comprises one common share and one-half of one share purchase warrant with each whole warrant entitling the holder to purchase one common share at a price of 75 cents per warrant share expiring May 11, 2028.
The company paid finders' fees of $99,175 and issued 255,950 finder warrants at a price of 75 cents for period of two years expiring May 11, 2028. All securities issued are subject to a four-month hold period expiring Sept. 12, 2026.
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.
The company is also pleased to announce that, further to its news release of May 1, 2026, it has closed its flow-through private placement and issued 833,334 flow-through shares (the FT shares) at a price of 60 cents per FT share for total proceeds of $500,000. The company also paid commission of $25,000 and issued 58,333 finder warrants at a price of 60 cents for a period of two years expiring May 11, 2028.
All FT shares and finder warrants are subject to a four-month hold period expiring Sept. 12, 2026.
The gross proceeds received by the company from the FT offering will be used to incur eligible Canadian exploration expenses (CEE) that are flow-through mining expenditures (as such term is defined in the Income Tax Act (Canada)) related to the company's Western Star project and will be used as deemed appropriate for qualifying expenses for the critical mineral tax credit (CMETC).
Blake Morgan, president and chief executive officer of Western Star Resources, remarked:
I am pleased by the significant interest in our recent private placement.
"With over $6-million now in the till, Western Star Resources is fully funded to execute multiple drill programs across our high-grade, past-producing tungsten asset in Nevada. This capital provides the resources necessary to aggressively advance our exploration and development goals.
"We appreciate your continued support as we move forward with these programs.
The company is also pleased to announce that Monty Sutton has consented to act as a director of the company effective May 11, 2026. Mr. Sutton also serves as the company's chief financial officer.
Mr. Sutton brings more than 35 years of experience in public markets, corporate governance, senior administration and accounting, and has served on the management teams and boards for many private and publicly traded companies.
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 United States 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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