Western Alaska Minerals Announces Closing of First Tranche of Upsized Non-Brokered Private Placement
NEWS RELEASE
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
WESTERN ALASKA MINERALS ANNOUNCES CLOSING OF
FIRST TRANCHE OF UPSIZED NON-BROKERED PRIVATE PLACEMENT
TUCSON, ARIZONA, US – September 1, 2023 - Western Alaska Minerals (the " Company" or
"WAM") (TSXV: “WAM”) is pleased to announce that it has completed the first tranche (the
“First Tranche”) of its previously announced non-brokered private placement (the “Offering”),
whereby the Company has raised gross proceeds of approximately C$1.55 million through the
sale of 756,382 units (each a “Unit”) at C$2.05 per Unit. Each Unit consists of one subordinate
voting share of the Company (a “Share”) and one-half of one subordinate voting share purchase
warrant (each whole warrant, a “Warrant”).
The Company further announces that it intends to increase the size of the Offering up to a total
of 856,699 Units for aggregate gross proceeds of approximately $1.76 million, including the First
Tranche. All of the other terms of the Offering remain as previously announced in the Company’s
press release dated August 21, 2023.
Each Warrant is exercisable for a period of 36 months from the closing date into one additional
subordinate voting share of the Company (a “Warrant Share”) at a price of C$3.15.
The Company intends to use the net proceeds of the First Tranche to fund the Company’s
continuing exploration program, including drilling targets generated by the results of drill hole
LH23-05 (see August 14, 2023 News Release) and for general corporate purposes.
Kit Marrs, WAM CEO stated “The upsizing of this financing clearly reflects our strong shareholder
support for expanding our exploration efforts. These funds will go immediately towards our
work to explore along the southern extension of the Waterpump Creek carbonate replacement
deposit (“CRD”) in the Last Hurrah area. The drill is on site and should start turning tomorrow
or the next day.”
In connection with the First Tranche , the Company issued an aggregate of 1,170 finder’s
warrants (the “Finder’s Warrants”) and paid finder’s commissions of an aggregate of $2,398.50
to certain qualified finders. Each Finder’s Warrant is exercisable for a period of 36 months from
the closing date into one additional subordinate voting share of the Company at a price of
C$3.15.
All securities issued pursuant to the First Tranche, including the Finder’s Warrants, are subject
to hold period e xpiring on January 2, 2024, in addition to such other restrictions as may apply
under applicable securities laws of jurisdictions outside Canada.
Certain directors, officers and other insiders of the Company (“Interested Parties”) purchased or
acquired direction or control over a total of 99,405 Units as part of the First Tranche . The
placement to those persons constitutes a “related party transaction” within the meaning of
Multilateral Instrument 61 -101 Protection of Minority Se curity Holders in Special Transactions
(“MI 61-101”). Notwithstanding the foregoing, the directors of the Company have determined
that the Interested Parties’ participation in the First Tranche will be exempt from the formal
valuation and minority sharehol der 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 Tranche as the details of the
participation of Interested Parties had not been confirmed at that time.
About WAM
WAM is an Alaska and Arizona based company, listed on the TSX -V and focused on discovery of
high-grade, district-scale ore systems in the historic Illinois Creek Mining District (th e “District”)
located in western Alaska. WAM’s 100% owned claims cover 73,120 acres (114.25 square miles
or 29,591 hectares), roughly 45 km 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 1980's. Since 2010, WAM, along with precursor Western Alaska Copper
& Gold Company, has reassembled the Anaconda property package and 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.
On behalf of the Company
“Kit Marrs”
Kit Marrs
President & CEO
Phone: 1-520-200-1667
For further information please contact:
Vanessa Bogaert, Director of Corporate Communications/IR
Or visit our website at: www.westernalaskaminerals.com
Forward Looking Information
This news release contains “forward -looking information” within the meaning of applicable
Canadian securities legislation. “Forward -looking information” includes, but is not limited to,
statements with respect to the activities, events or developments that the Company expects or
anticipates will or may occur in the future. Generally, but not always, forward -looking
information and statements can be identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes” or the negative connotation thereof or variations of such words and phrases or state
that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”,
“occur” or “be achieved” or the negative connation thereof. These forward -looking statements
or information relate to, among other things , the completion of the remainder of the Offering
and the Company’s intended use of net proceeds of the First Tranche.
Such forward -looking information and statements are based on numerous assumptions,
including among others, that the remainder of the Offering will be completed and that the
Company will use the net proceeds of the First Tranche as currently contemplated. Although the
assumptions made by the Company in providing forward-looking information or making forward-
looking statements are considered reasonable by management at the time, there can be no
assurance that such assumptions will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s pl ans
or expectations include the risk that remainder of the Offering will not be completed and the
Company will not utilize the net proceeds of the First Tranche as currently anticipated. Although
the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in the forward -looking information or implied by forward -
looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that forward -looking information and
statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated, estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements or information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.