Western Announces Closing of Non-Brokered Private Placement
WESTERN ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Vancouver, British Columbia – December 21, 2022 – Western Exploration Inc. (the
"Corporation" or " Western Exploration ") (TSXV: WEX) (OTCQX: WEXPF) announces that it
has closed a non-brokered private placement (the " Offering") of an aggregate 814,286 units of
the Corporation (the " Units") at a price of C$1.40 (US$1.04) per Unit for aggregate gross
proceeds of approximately C$1,140,000 (US$ 846,857). The Corporation intends to use the
proceeds of the Offering to continue to adv ance the exploration and development of the Aura
Project and for general corporate purposes.
Each Unit is comprised of one variable voting share of the Corporation (each, a "Variable Voting
Share") and one-half of one Variable Voting Share purchase warrant of the Corporation (each
whole Variable Voting Share purchase warrant, a " Warrant"). Each Warrant entitles the holder
thereof to purchase one Variable Voting Share at an exercise price of C$1.96 per Variable Voting
Share for a period of two years following the closing date of the Offering.
The securities issued in connection with the Offering are subject to a statutory hold period of four
months from the date of issuance in accordance with applicable securities legislation. The
Offering is subject to final acceptance of t he TSX Venture Exchange. The Warrants will not be
listed on any exchange.
About Western Exploration
Born from a 25-year history of advancing ex ploration projects in Nevada as a private company,
today Western Exploration is composed of an exper ienced team of precious metals experts that
aims to lead Western Exploration to becoming a premiere gold and silver development company
in North America. The Corporation's principal asset is the 100% owned Aura gold-silver project,
located approximately 120 kilometers/75 miles no rth of the city of Elko, Nevada, and includes
three unique gold and silver deposits: Doby Geor ge, Gravel Creek, and Wood Gulch. Additional
information regarding Western Exploration and the Aura Project can be found on the Corporation's
website at www.westernexploration.com or on SEDAR (www.sedar.com) under the Corporation's
issuer profile.
For more information please contact:
Darcy Marud
Chief Executive Officer
Telephone: (775) 329-8119
Email: [email protected]
Nichole Cowles
Investor Relations
Telephone: (775) 240-4172
Email: [email protected]
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Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release may be deemed "forward‐looking statements"
within the meaning of applicable Canadian and U.S. securities laws. These forward ‐looking
statements, by their nature, require Western Exploration to make certain assumptions and
necessarily involve known and unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in these forward ‐looking statements. Forward ‐
looking statements are not guarantees of perform ance. Words such as "may", "will", "would",
"could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or
comparable terminology, as well as terms usua lly used in the future and the conditional, are
intended to identify forward ‐looking statements. This forward-looking information is based on
reasonable assumptions and estimates of management of the Corporation at the time such
assumptions and estimates were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the
Corporation to be materially different from any future results, performance or achievement
expressed or implied by such forward-looking information. Such factors include, among others,
risks relating to the ability of exploration activities (including drilling results), to accurately predict
mineralization; errors in management's geological modelling; the ability of Western Exploration to
complete further exploration activities, including drilling; to obtain additional financing for
exploration or development activities on favorabl e terms; to continue operations and to expand
operations; to identify additional resources and reserves and to exploit such resources and
reserves on an economic basis; to main Western Exploration's property interests in the Aura
Project; the results of exploration activities; risks relating to mining activities; the global economic
climate; metal prices; environmental risks; co mmunity and non-governmental actions; the ability
to obtain the TSX Venture Exchange's final acceptance of the Offering. Although the forward-
looking information contained in this news release is based upon what management believes, or
believed at the time, to be reasonable assumptions, Western Exploration cannot assure
shareholders and prospective purchasers of securities of the Corporation that actual results will
be consistent with such forward-looking information, as there may be other factors that cause
results not to be as anticipated, estimated or intended, and neither Western Exploration nor any
other person assumes responsibility for the accuracy and completeness of any such forward-
looking information. Further, Western Exploration does not undertake, and assumes no obligation,
to update or revise any such forward-looking statements or forward-looking information contained
herein to reflect new events or circumstances, except as may be required by law.
For additional information with respect to these and other factors and assumptions underlying the
forward‐looking statements made in this news releas e concerning Western Exploration, see the
management information circular dated Novem ber 12, 2021, available electronically under
Western Exploration's issuer profile on SEDAR ( www.sedar.com). The forward ‐looking
statements set forth herein concerning Western Exploration reflect management's expectations
as at the date of this news release and are subject to change after such date. Western Exploration
disclaims any intention or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, other than as required by law.
Neither the 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 news release. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the information contained herein.