Western Alaska Minerals Announces Completion of C$5 Million Non- Brokered Private Placement and Commencement of the 2022 Exploration Program IN the Illinois Creek Mining District
WESTERN ALASKA MINERALS ANNOUNCES
COMPLETION OF C$5 MILLION NON-
BROKERED PRIVATE PLACEMENT AND
COMMENCEMENT OF THE 2022
EXPLORATION PROGRAM IN THE ILLINOIS
CREEK MINING DISTRICT
TUCSON, Ariz.
,
May 5, 2022
/CNW/ -
Western Alaska Minerals
(the "Company" or "WAM")
(TSXV: WAM) is pleased to announce that it has completed a previously announced non-brokered
private placement and has issued 4,170,000 common shares in the share capital of the Company at
a price of
C$1.20
per share for gross proceeds of
C$5,004,000.00
(the "Offering"). The Company
has paid finder's fees in the total amount of
C$129,765.00
to certain finders who assisted with the
Offering. All shares issued in connection with the Offering will have a statutory hold period expiring
on
September 6, 2022
.
The proceeds of the Offering will be used to fund the Company's 2022 exploration program in the
Illinois Creek Mining District (the "District"). The Company's camp in the District has recently
reopened and additional equipment and camp expansion materials are now being delivered to camp.
The 2022 exploration program will include geophysical surveys and 6,000+ meters of drilling utilizing
the two Company-owned drill rigs. The surveys and drilling are on schedule to commence in mid-
May and continue through early September. The program is expandable through October based on
exploration success. The focus of the drilling will be on step-out drilling of the Waterpump Creek
CRD system to gauge the overall footprint of the bonanza Ag-Zn-Pb mineralization encountered in
2021.
The Company is also pleased to announce that
Gary Jones
has joined the Company as a consultant
and advisor focusing on health and safety, community relations and geophysics. Mr. Jones was an
advisor on these matters to, and a long-time board member of, Western Alaska Copper & Gold,
WAM's private precursor company, and his knowledge of the District and the neighboring
communities will be very valuable in advancing Company interests. Mr. Jones additionally has served
as non-executive chairman of Wireless Seismic, Inc. from 2010 to present and from 2008 to present,
Mr. Jones has served as lead director and was past chairman of Ingrain, Inc. Mr. Jones holds a
B.Sc in Geological Engineering and a M.Sc in Geophysics from the
University of Arizona
.
About WAM
WAM began trading as a Tier 1 company listed on the TSXV Venture Exchange ("TSXV") in
November, 2021, and maintains corporate offices in
Alaska
and
Arizona
. WAM has reassembled
and fully controls all claims in the District, which is located in western
Alaska
near the Yukon River,
covering 49,280 acres (77 square miles). The District was originally explored by Anaconda Minerals
Co. in the early 1980's. Since 2010, WAM and its private precursor company, Western Alaska
Copper & Gold Company, has been engaged in exploring and advancing its interests in the District
and now controls a diversified portfolio of five deposits that contain gold, silver, copper, lead, and
zinc.
Upon completion of the private placement the Company has 18,797,188 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, the Company believes 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 common shares (18,797,188) and converted proportional shares
(23,864,300) equals 42,661,488 shares. Further information regarding the Company's share
structure is available upon request.
On behalf of the Company
"Kit Marrs"
Kit Marrs
President & CEO
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accept responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements made, and information contained herein may constitute "forward looking
information" and "forward looking statements" within the meaning of applicable Canadian
and United States securities legislation. These statements and information are based on facts
currently available to the Company and there is no assurance that actual results will meet
management's expectations. Forward-looking statements and information may be identified by
such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will",
"could" or "would". Forward-looking statements and information contained herein are based on
certain factors and assumptions regarding, among other things, the estimation of mineral
resources and reserves, the realization of resource and reserve estimates, metal prices, taxation,
the estimation, timing and amount of future exploration and development, capital and operating
costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title
disputes and other matters. While the Company considers its assumptions to be reasonable as of
the date hereof, forward-looking statements and information are not guaranteeing of future
performance and readers should not place undue importance on such statements as actual events
and results may differ materially from those described herein. The Company does not undertake to
update any forward-looking statements or information except as may be required by applicable
securities laws.
SOURCE
Western Alaska Copper & Gold, an Alaska Corporation
View original content:
http://www.newswire.ca/en/releases/archive/May2022/05/c3223.html
%SEDAR: 00050210E
For further information:
Vanessa Bogaert, Director of Corporate Communications/IR,
[email protected] Or visit our website at: www.westernalaskaminerals.com; Kit
Marrs, President & CEO [email protected], Phone: 1-520-200-1667
CO: Western Alaska Copper & Gold, an Alaska Corporation
CNW 18:00e 05-MAY-22