Western Exploration Announces Fully-Allocated Non-Brokered Private Placement of CDN $1.7 Million of Units with New Strategic Investor
WESTERN EXPLORATION ANNOUNCES FULLY-ALLOCATED NON-BROKERED
PRIVATE PLACEMENT OF CDN $1.7 MILLION OF UNITS WITH NEW STRATEGIC
INVESTOR
Reno, Nevada – September 17, 2024 ‐ Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the
"Company" or "Western Exploration") is pleased to announce a non-brokered private placement offering
of 1,603,773 units of the Company (the "Units") at a price of CDN $1.06 per Unit for gross proceeds of
approximately CDN $1.7 million (the "Offering"). Each Unit will consist 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 will entitle 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.
The Units available for purchase under the Offering have been fully-allocated to a new strategic investor,
TXAU Ventures, LLC from Houston, Texas.
The Offering is schedule d to close on or a bout September 24, 2024, and remains subject to the final
acceptance of the TSX Venture Exchange (the "Exchange").
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 in advance of commencing permitting of the Doby
George Deposit, and for general corporate purposes.
All securities issued pursuant to the Offering will be subject to a hold period in accordance with applicable
Canadian securities law, expiring four months and one day following the closing date of the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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.
- 2 -
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
performance. 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 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 inclu de, among others, risks re lating to the completion of the
Offering, 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 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 relat ing 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; and the ability to complete 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 release concerning Western Exploration, see the management
information circular dated November 12, 2021 and 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 sta tements, 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 authority has approved or disapproved the
information contained herein.
Darcy Marud
Chief Executive Officer
- 3 -
Telephone: (775) 329‐8119
Email: [email protected]
Nichole Cowles
Investor Relations
Telephone: (775) 240‐4172
Email: [email protected]