Western Alaska Minerals Announces Completion of the Second Tranche of a C$12 Million Non-Brokered Private Placement
NEWS RELEASE
WESTERN ALASKA MINERALS ANNOUNCES COMPLETION OF THE SECOND TRANCHE
OF A C$12 MILLION NON-BROKERED PRIVATE PLACEMENT
TUCSON, ARIZONA, US –September 6 , 2022 - Western Alaska Minerals (the " Company" or
"WAM") (TSXV: “WAM”) is pleased to announce that it has completed the second tranche of
the previously announced non-brokered private placement (the “ Offering”) and has issued
548,780 common shares in the share capital of the Company at a price of C$4.10 per share for
gross proceeds of C$ 2,249,998.00 (the “Second Tranche”). The Offering was fully -subscribed
and all shares issued in connection with the Second Tranche will have a statutory hold period
expiring on January 3, 202 3. The Second Tranche is subject to final approval from the TSX
Venture Exchange.
The gross proceeds of the Second Tranche will be used to fund the extension of the Company’s
2022 exploration program through year -end and which, using the two Company -owned drill
rigs, would bring the year’s drilling meterage to approximately 10,500 meters. The core focus of
the 2022 program re mains step-out drilling of the Waterpump Creek carbonate replacement
deposit (“CRD”) 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-magnetotellurics) program, initiate metallurgical studies,
continue Yukon River access route and environmental baseline studies, fund expenditures in
anticipation of the 2023 drill program, and general corporate purposes.
ABOUT WAM
WAM began trading on the TSX -V in November 2021 and maintains corporate offices in Alaska
and Arizona. WAM fully controls all claims in the historic Illinois Creek Mining District located in
western Alaska near the Yukon River, covering 73,120 acres (114.25 square miles or 2 9,590.60
hectares). This district was originally discovered by Anaconda Minerals Co. in the early 1980's.
Since 2010, WAM and its private precursor company Western Alaska Copper & Gold Inc. has
reassembled the Anaconda property package a nd been engaged in exploring the district. The
district encompasses at least five deposits containing gold, silver, copper, lead, and zinc.
The Company currently has approximately 22,414,104 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, 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
the approximate number of common shares ( 22,414,104) and converted proportional shares
(23,864,300) equals 46,278,404 shares. Further information regarding the Company’s share
structure is available upon request.
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
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 ava ilable 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" and include statements regarding the anticipated use of proceeds from the
Second Tranche. 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.
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.