Mr. Kit Marrs reports
WESTERN ALASKA MINERALS CORP. ANNOUNCES C$8.2 MILLION NON-BROKERED PRIVATE PLACEMENT
Western Alaska Minerals Corp. intends to complete a non-brokered private placement to raise gross proceeds of up to $8.2-million through the sale of up to two million common shares at $4.10 per share. The offering is not subject to any minimum aggregate subscription.
The gross proceeds of the offering will be used predominantly to finance the extension of the company's 2022 exploration program through year-end and which, using the two company-owned drill rigs, would bring the summer's drilling metreage to approximately 10,500 metres. The core focus of the 2022 program remains stepout drilling of the Waterpump Creek carbonate replacement deposit (CRD) to gauge the overall footprint of the bonanza silver/zinc/lead mineralization encountered in 2021 and further explored in 2022. The proceeds will additionally be used to further explore along trend in the Last Hurrah area based on the recently completed system-wide CSAMT (controlled-source audio-magnetotellurics) program, initial metallurgical studies, continuing road route and environmental baseline studies, expenditures in anticipation of the 2023 drill program, and general corporate purposes.
The offering is made to accredited investors within the meaning of National Instrument 45-106 and the completion of the offering is subject to the receipt of acceptance by the TSX Venture Exchange and may close in more than one tranche. All securities issued in connection with the offering will be subject to a statutory hold period expiring four months plus one day from the closing. Finders' fees may be payable in connection with the sale of the shares in accordance with the policies of the exchange.
About Western Alaska Minerals Corp.
Western Alaska began trading on the TSX-V in November, 2021, and maintains corporate offices in Alaska and Arizona. The company fully controls all claims in the historic Illinois Creek mining district located in western Alaska near the Yukon River, covering 55,360 acres (86.5 square miles or 22,403 hectares). This district was originally discovered by Anaconda Minerals Co. in the early 1980s. Since 2010, Western Alaska and its private precursor company Western Alaska Copper & Gold Inc. has reassembled the Anaconda property package and been engaged in exploring the district. The district encompasses at least five deposits containing gold, silver, copper, lead and zinc.
The company currently has approximately 19,380,500 common shares issued and outstanding and 238,643 proportional shares issued and outstanding. Each proportional share is convertible to 100 common shares at the request of the shareholder and in the discretion of the company. Because of these conversion rights, for market capitalization and financial analysis purposes, it is appropriate to convert the proportional shares to common shares and add the product of the conversion to the current number of common shares outstanding. When doing so, the sum of the approximate number of common shares (19,380,500) and converted proportional shares (23,864,300) equals 43,244,800 shares. Further information regarding the company's share structure is available upon request.
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