Western Exploration Announces Closing of CDN $1.7 Million Private Placement with Strategic New Shareholder
WESTERN EXPLORATION ANNOUNCES CLOSING OF
CDN $1.7 MILLION PRIVATE PLACEMENT WITH STRATEGIC NEW SHAREHOLDER
Reno, Nevada – September 24, 2024 – Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF)
(the "Company" or "Western Exploration ") is pleased to announce that it has closed its
previously-announced non-brokered private placement (the "Offering") of units of the Company
(the "Units"). Under the Offering, the Company issued an aggregate of 1,603,773 Units at a price
of CDN $1.06 per Unit for gross proceeds of approximately CDN $1.7 million to a new strategic
investor, TXAU Ventures LLC ("TXAU Ventures") of Houston, Texas.
Each Unit consists of one variable voting share of the Company (each, a "Share") and one-half of
one variable voting share purchase warrant of the Company (each whole variable voting share
purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one
variable voting share of the Company (each, a "Warrant Share ") at a price of CDN $1.36 per
Warrant Share at any time on or before the date which is 24 months after the closing date of the
Offering (the "Closing Date"), subject to adjustment in certain events.
In relation to the Offering, Risher Randall III, Manager of TXAU Ventures commented: "After
months of discussions, we are excited to become a capital partner of Western Exploration as we
aim to support the Company as they develop the Aura Project in Northeastern, Nevada. We see
the Doby George as a high quality, mid -sized heap leach projec t, and we are excited about the
exploration potential at Gravel Creek based on the drilling results from 2023. Our investment is
expected to be used to advance the Doby George into a pre-feasibility and permitting stage as we
believe this deposit is largely derisked and ready for advancement. Furthermore, we think highly
of the Western Exploration team, and we are excited to support them as they push the Doby
George forward and continue exploration work at Gravel Creek which we believe could shape up
to be the next high-grade deposit in the region."
Darcy Marud, CEO of Western Exploration added : "We are grateful for the support of TXAU
Ventures and the belief they have placed in Western Exploration's management. We look forward
to ramping up activities at Doby George in parallel with the continued exploration effort at Gravel
Creek creating additional value for all of our stakeholders."
All securities issued pursuant to the Offering will be subject to a hold period in accordance with
applicable Canadian securities laws, expiring four months and one day following the Closing Date.
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The Company intends to use the net proceeds raised from the Offering to advance a pre -
feasibility study of the Doby George Deposit, undertake baseline studies, commence permitting
of the Doby George Deposit, and for general corporate purposes.
Completion of the Offering remains subject to the receipt of all final approvals of the TSX Venture
Exchange (the "Exchange").
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities have not been and will not be registered under the
U.S. Securities Act or any state securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
About Western Exploration
Born from a 25‐year history of advancing exploration projects in Nevada as a private company,
today Western Exploration is composed of an experienced team of precious metals experts that
aims to lead Western Exploration to becoming a premiere gold and silver development company
in North America. The Company 's principal asset is the 100% owned Aura gold‐silver project,
located approximately 120 kilometers/75 miles north of the city of Elko, Nevada, and includes
three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Additional
information regarding Western Exploration and the Aura Project can be found on the Company's
website and on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.
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 usually 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 Company
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 Company 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 completion of the final approval of the Exchange, the use of
the net proceeds of the Offering, 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 favorable terms; to continue
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operations and to expand operations; to identify additional resources and reserves and to exploit
such resources and reserves on an economic basis; to main tain 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; community and non‐
governmental actions; the ability to obtain the Exchange 's final acceptance of the Offering.
Although the forward‐looking informatio n 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 Company
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 release concerning Western Exploration, see
the Company's most recent annual and interim financial statements and related management's
discussion and analysis, which are available electronically under Western Exploration 's issuer
profile on SEDAR + (www.sedarplus.ca). 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 Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. No
stock exchange, securities commission or other regulatory autho rity has approved or
disapproved the information contained herein.
Darcy Marud
Chief Executive Officer
Telephone: (775) 329‐8119
Email: [email protected]
Nichole Cowles
Investor Relations
Telephone: (775) 240‐4172
Email: [email protected]