Mr. Kit Marrs reports
WESTERN ALASKA MINERALS ANNOUNCES CLOSING OF FINAL TRANCHE OF UPSIZED C$1.69M NON-BROKERED PRIVATE PLACEMENT
Further to the news releases dated Aug. 21, 2023, and Sept. 2, 2023, Western Alaska Minerals Corp. has completed the second and final tranche of its non-brokered private placement, and has raised an additional $135,650.55 through the sale of 66,171 units of the company at $2.05 per unit in the second tranche. Each unit consists of one subordinate voting share of the company and one-half of one subordinate voting share purchase warrant. The company has raised aggregate gross proceeds of $1,686,233.65 through the sale of 822,553 units in the offering. The offering remains subject to final approval from the TSX Venture Exchange.
Each warrant issued in the second tranche is exercisable for a period of 36 months from the closing date of the second tranche into one additional subordinate voting share of the company at a price of $3.15.
The company intends to use the net proceeds of the second tranche to finance the company's continuing exploration program, including drilling targets generated by the results of drill hole LH23-05 (see Aug. 14, 2023, news release) and for general corporate purposes.
Kit Marrs, chief executive officer and co-founder of Western Alaska, said: "I wish to thank all our insiders, shareholders and new investors who participated in this financing. The drill is currently testing the southern extension zone of the Waterpump Creek carbonate replacement deposit (CRD) in the Last Hurrah area. Additionally, we have commissioned a third party qualified person and team to calculate the initial resource estimate at Waterpump Creek. We expect completion of the resource estimate later in [fourth quarter] 2023 or early [first quarter] 2024. The company maintains its focus on systematically unlocking the large-scale mineralization potential in the Illinois Creek mining district."
All securities issued pursuant to the second tranche are subject to a hold period expiring on Jan. 15, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.
Certain directors, officers and other insiders of the company purchased or acquired direction or control over a total of 111,405 units as part of the offering. The placement to those persons constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Notwithstanding the foregoing, the directors of the company have determined that the interested parties' participation in the offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The company did not file a material change report 21 days prior to the closing of the first or second tranche of the offering as the details of the participation of interested parties had not been confirmed at that time.
About Western Alaska Minerals Corp.
Western Alaska is an Alaska- and Arizona-based company, listed on the TSX Venture Exchange and focused on discovery of high-grade, district-scale ore systems in the historic Illinois Creek mining district located in western Alaska. Western Alaska's 100-per-cent-owned claims cover 73,120 acres (114.25 square miles or 29,591 hectares), roughly 45 kilometres from the Yukon River. The district encompasses at least five deposits containing gold, silver, copper, lead and zinc, and was originally discovered by Anaconda Minerals Co. in the early 1980s. Since 2010, Western Alaska, along with precursor Western Alaska Copper & Gold Company, has reassembled the Anaconda property package and has been engaged in exploring the district.
The company remains focused on delivering value to its shareholders and stakeholders while adhering to the highest standards of environmental stewardship and community engagement.
We seek Safe Harbor.
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