Western Exploration Provides Update ON Stock Exchange Matters, Including Expected Date FOR Trading to Begin
WESTERN EXPLORATION PROVIDES UPDATE ON STOCK EXCHANGE
MATTERS, INCLUDING EXPECTED DATE FOR TRADING TO BEGIN
Toronto, ON – January 18, 2022 – Western Exploration Inc. (" Western Exploration " or the
"Company"), a Nevada-focused previous metals ex ploration company, is pleased to announce
that its common shares (the " Common Shares ") are expected to begin trading through the
facilities of the TSX Venture Exchange (the " Exchange") effective at the opening of markets on
Wednesday, January 19, 2022, under the symbol "WEX". Please refer to the news release of
Western Exploration dated December 22, 2021 (entitled Western Completes "Go Public"
Transaction Via Reverse Takeover of Crystal Peak and Launches "Western Exploration Inc.") for
additional details of the recently-completed revers e takeover transaction of Western Exploration
(the "RTO").
Escrowed Securities
In connection with the completion of the RTO, an aggregate of 20,812,796 Common Shares
(collectively, the "Escrowed Securities") held by certain Principals (as defined in the policies of
the Exchange) of the Company (collectively, the " Escrowed Securityholders ") have been
deposited into escrow with the TSX Trust Company, as escrow agent, pursuant to a "Tier 2
Surplus Security" escrow agreement dated December 22, 2021 (the " Escrow Agreement ")
among the Company, the TSX Trust Company, as escrow agent, and the Escrowed
Securityholders. Pursuant to Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions
of the Exchange, the Escrowed Securities will be released from escrow over a 36-month period,
with 5% of the Escrowed Securities initially released on January 17, 2022, being the date of the
final bulletin of the Exchange in respect of the RTO.
The following table sets forth the details of the Escrowed Securityholders and the Escrowed
Securities:
Name of Escrowed Securityholder
Number of Common Shares
Owned or Controlled
Percentage of Outstanding
Common Shares(1)
Golkonda LLC 19,969,391 65.6%
Marceau Schlumberger 650,590 2.1%
The Marud Rivas Family Trust 142,144 0.5%
Synergex Group LLC 50,671 0.2%
Note: (1) Calculated on a non-diluted basis, based on an aggregate of 30,434,587 Common Shares issued and
outstanding as at the date hereof.
In connection with the RTO, Agnico Eagle Mines Limited ("Agnico") and the Company previously
entered into an investor rights agreement dated December 22, 2021 (the " Investor Rights
Agreement"), pursuant to which the Company granted to Agnico, among others, a right (the
"Nomination Right") to nominate one person (and in the case of an increase in the size of the
board of directors of the Company to eight or more directors, two persons) to the board of directors
of the Company, provided that Agnico maintains certain ownership thresholds in the Company
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and satisfies certain other conditions. On January 18, 2022, Agnico and the Company amended
and restated the Investor Rights Agreement to replace the Nomination Right with certain observer
rights, which will allow Agnico to designate a person to attend and observe meetings of the board
of directors of the Company, provided that Agnico maintains certain ownership thresholds in the
Company and satisfies certain other conditions. As a result of the amendments to the Investor
Rights Agreement, Agnico is no longer a Principal (as defined in the policies of the Exchange) of
the Company, and the Common Shares held by Agnico are not subject to escrow under the
Escrow Agreement.
The foregoing disclosure in respect of the Escrow Agreement, the Escrowed Securityholders, and
the Escrowed Securities replaces and supersedes all of the Company's prior disclosures in
respect thereof, to the extent of any inconsistency.
About Western Exploration Inc.
Western Exploration Inc. is a well-capitalized, Nevada-focused previous metals exploration
company, aiming to be a premier gold and silver development company in North America. The
company was born out of a 25-year history of advancing exploration projects in Nevada as a
private company. Its principal asset is the Aura gold silver project located in Elko County, Nevada
approximately 120 kilometers north of the city of Elko, Nevada.
For further information about Western Exploration Inc., please contact:
Darcy Marud, CEO
Telephone: (775) 329-8119
Email: [email protected]
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 the Company 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. Information contained in forward ‐looking
statements (including, without limitation, with respect to the anticipated trading date of the
Common Shares on the Exchange), is based upon certain material assumptions that were applied
in drawing a conclusion or making a forecast or projection, including management's perceptions
of current conditions and expected future developments and other considerations that are
believed to be appropriate in the circumstances. The Company considers its assumptions to be
reasonable based on information currently available, but cautions the reader that its assumptions
regarding future events, many of which are beyond the control of the Company, may ultimately
prove to be incorrect since they are subject to risks and uncertainties that affect the Company
and its business.
The forward‐looking statements set forth herein concerning the Company reflect management's
expectations as at the date of this news release and are subject to change after such date. The
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Company 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 authority has
approved or disapproved the information contained herein.