Western Alaska Minerals Announces Closing of Second and Final Tranche of Upsized Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
NEWS RELEASE
WESTERN ALASKA MINERALS ANNOUNCES CLOSING OF
SECOND AND FINAL TRANCHE OF UPSIZED NON-BROKERED PRIVATE PLACEMENT
TUCSON, ARIZONA, US – May 14, 2024 - Western Alaska Minerals (the “Company” or “WAM”)
(TSXV: “WAM”) is pleased to announce that, further to its news release s dated April 18, 2024 ,
April 22, 2024, April 26, 2024, May 3, 2024, and May 8, 2024, the Company has closed a second
and final tranche (the “ Second Tranche ”) of its previously announced non-brokered private
placement (the “Offering”), issuing 200,000 units of the Company (“Units”) for additional gross
proceeds of C$130,000. In aggregate under the Offering, the Company issued 4,012,981 Units
at a price of $0.65 per Unit for aggregate gross proceeds of C$2,608,437.65.
Each Unit is comprised of one subordinate voting share in the authorized share structure of the
Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the
holder thereof to purchase one Share (a “ Warrant Share”) at an exercise price of C$0.90 per
Warrant Share for 36 months from the date of issuance.
The Company is pleased to report that pursuant to the Offering , when combined with the
brokered offering of Units via prospectus supplement which closed on April 26, 2024, it has raised
aggregate gross proceeds of C$8,720,616.45 and issued 13,416,333 Units.
The net proceeds of the Offering will be used to fund the Company’s 2024 exploration program,
including step-out drilling at the LH and Warm Springs target zones that are new targets identified
by the 2023-completed geophysical program, and for general corporate purposes.
Certain related parties of the Company (“Interested Parties”) purchased or acquired direction or
control over a total of 1,153,846 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 (“ MI 61-101”). 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 Offering as the details of the participation of Interested Parties had not been
confirmed at that time.
All securities issued pursuant to the Second Tranche are subject to a hold period expiring on
September 15, 2024 , in addition to such other restrictions as may apply under applicable
securities laws of jurisdictions outside Canada.
The securities being offered have not been and will not be registered under the U.S. Securities
Act and may not be offered or sold in the United States, or to, or for the account or benefit of,
U.S. persons or persons in the United States, absent registrat ion or an applicable exemption
from the registration requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.
Updated Disclosure Regarding Finder’s Fees
The Company wishes to clarify its previously disseminated news release dated May 8, 2024,
announcing the closing of the first tranche of the Offering. The news release inadvertently
disclosed that the Company paid aggregate finder’s commissions of $ 113,199.80 and issued an
aggregate of 174,154 finder’s warrants (the “ Finder’s Warrants ”) to certain qualified finders ,
with each Finder’s Warrant exercisable for a period of 36 months from the date of issuance into
one Share at a price of C$0.90. The actual finder’s commissions paid and Finder’s Warrants issued
in connection with the Offering totaled $60,399.81 and 92,923, respectively.
About WAM
Our mission is to advance a mineable and scalable CRD, ultimately reshaping the mineral
landscape of western Alaska and establishing a new CRD district.
WAM’s 100% owned claims cover 73,120 acres (114.25 square miles or 29,591 hectares),
approximately 45 km east of an ocean barge-compatible section of the Yukon River. WAM’s intact
mineralized CRD system encompasses the (past producing) Illinois Creek gold -silver mine, the
Waterpump Creek high -grade silver-lead-zinc deposit, open to the north, and the Honker gold
prospect. Twenty-five kilometers northeast of the Illinois Creek CRD lies the Round Top copper
and the TG North CRD prospects. All prospects were originally discovered by Anaconda Minerals
Co. in the early 1980 ’s. Since 2010, WAM, along with its precursor company, Western Alaska
Copper & Gold, reassembled the Anaconda land package and has been engaged in exploring the
district.
Headquartered in both Alaska and Arizona, WAM brings together a team of seasoned
professionals with a shared vision of pioneering new frontiers in mineral exploration. Our
strategic approach is underpinned by cutting-edge technology, innovative techniques, and a deep
understanding of the geological intricacies of the region.
On behalf of the Company
“Kit Marrs”
Kit Marrs
President & CEO
Phone: 520-200-1667
For further information please contact:
Vanessa Bogaert, Director of Corporate Communications/IR at
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 intended use of proceeds from the Offering.
Such forward -looking information and statements are based on numerous assumptions,
including among others, that the Company will be able to utilize the proceeds of the Offering in
the manner intended. Although the assumptions made by the Company in providi ng 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 plans
or expectations include market conditions, metal prices, and other risks relating to the Company
being able to utilize the proceeds of the Offering in the manner intended. 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.