Restriction May Constitute a Violation of United States Securities Laws
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS
www.westerngoldexploration.com
TSX Venture: WGLD
WESTERN GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
For Immediate Release
North Berwick, Scotland 29 July 2022
WESTERN GOLD EXPLORATION LTD. (TSX Venture – WGLD) (the “Company”) is pleased to announce that
it intends to complete a non-brokered private placement of up to 6,666,666 equity units of the Company
(“Units”) at a price of CAD$0.15 per Unit for gross proceeds of up to CAD$1,000,000 (the “ Private
Placement”). The Company has the option to increase the size of the Private Placement by up to an
additional 1,000,000 Units, for total gross proceeds of up to CAD$1,150,000.
Each Unit will be comprised of one (1) common share of the Company and one-half of one (1/2) common
share purchase warrant of the Company (a “Warrant”). Each whole Warrant will entitle the holder to
acquire one (1) common share of the Company for a period of 12 months from the date of issuance of the
Warrant, at an exercise price of CAD$0.25 per share.
The Private Placement is subject to the approval of the TSX Venture Exchange (the “ Exchange”). The
securities issued in connection with the Private Placement will be subject to a four-month hold period, in
accordance with applicable securities laws.
The Company intends to use the proceeds from the Private Placement towards exploration drilling
programs and related work on its mining properties and for general and administrative expenses.
The Company may pay a commission or finder's fee to eligible parties in connection with the Private
Placement, subject to the approval of the Exchange and compliance with applicable securities laws.
About Western Gold Exploration
The Company is a Mineral Exploration company that is listed on the TSX Venture Exchange under the
symbol “WGLD”. The Company is focused on the exploration of mineral properties in Western Scotland
and discovering new opportunities in the Dalradian Belt, targeting historic gold-silver and copper-lead
mines in the belt with the potential to develop a mineral resource. Prospects include the Stronchullin
mine, Gossan Burn and Allt Dearg which are all located in the Knapdale Project area.
Additional information about the Company is available on SEDAR at www.sedar.com under the Company’s
profile.
For further information, please contact:
Ross McLellan, CEO
Phone: +44 7779 161441
Email: [email protected]
Website: www.westerngoldexploration.com
This press release is not an offer of the Company’s securities for sale in the United States. The Company’s
securities may not be offered or sold in the United States absent registration or an available exemption
from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities
Act”) and applicable U.S. state securities laws. The Company will not make any public offering of its
securities in the United States. The Company’s securities have not been and will not be registered under
the U.S. Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS : This news release includes
certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to completion of the proposed Private
Placement, the anticipated use of proceeds of the Private Placement, timing and completion of any drilling
and work programs on the Company’s properties, estimates of mineralization from drilling, geological
information projected from drilling results, potential for minerals and/or mineral resources, and
statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect
to the future business activities and operating performance of the Company that may be described herein.
Forward-looking statements consist of statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally
be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”,
“intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not
to place undue reliance on forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions,
risks and uncertainties include, among other things, the state of the economy in general and capital
markets in particular, accuracy of assay results, geological interpretations from drilling results, timing and
amount of capital expenditures; performance of available laboratory and other related services, future
operating costs, and the historical basis for current estimates of potential quantities and grades of target
zones, as well as those risk factors discussed or referred to in the Company's Management's Discussion
and Analysis for the year ended December 31, 2020, and the period ended March 31, 2022 available at
www.sedar.com, many of which are beyond the control of the Company. Forward-looking statements
contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press
release. Except as required by law, the Company disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or
statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.