Mr. Kit Marrs reports
WESTERN ALASKA MINERALS CORP. ANNOUNCES UPSIZING OF NON-BROKERED PRIVATE PLACEMENT FROM C$8.2 MILLION TO C$12.0 MILLION
Western Alaska Minerals Corp. has increased the size of its previously announced non-brokered private placement of common shares in the capital of the company from up to two million shares to up to 2,927,000 shares at a price of $4.10 per share for gross proceeds of up to $12,000,700. The offering remains not subject to any minimum aggregate subscription.
The gross proceeds of the offering will be used to finance the extension of the company's 2022 exploration program through year-end, which, using the two company-owned drill rigs, would bring the year's drilling metrage to approximately 10,500 metres. The core focus of the 2022 program remains stepout drilling at the Waterpump Creek carbonate replacement deposit 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-frequency magnetotelluric) program; for initial metallurgical studies and continuing road route and environmental baseline studies; for expenditures in anticipation of the 2023 drill program; and for general corporate purposes.
The offering is being 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 and 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 Minerals maintains corporate offices in Alaska and Arizona. Western Alaska Minerals fully controls all claims in the historical 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 Minerals has reassembled the Anaconda property package and has been engaged in exploring the district. The district encompasses at least five deposits containing gold, silver, copper, lead and zinc.
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