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Western Exploration announced the closing of a non-brokered private placement, raising approximately CDN $1.7 million from TXAU Ventures. The offering involved 1,603,773 units at CDN $1.06 per unit, each comprising one share and one-half of a warrant. Each warrant allows the purchase of one share at CDN $1.36 within 24 months. The funds will support the pre-feasibility and permitting of the Doby George Deposit and further exploration at Gravel Creek. All securities are subject to a hold period of four months and one day. The offering awaits final TSX Venture Exchange approval.
Western Exploration ha annunciato la chiusura di un collocamento privato senza intermediari, raccogliendo circa 1,7 milioni di dollari canadesi da TXAU Ventures. L’offerta ha coinvolto 1.603.773 unità a 1,06 dollari canadesi per unità, ciascuna composta da un’azione e mezza opzione. Ogni opzione consente l’acquisto di un’azione a 1,36 dollari canadesi entro 24 mesi. I fondi sosterranno la pre-fattibilità e il permesso del Doby George Deposit e ulteriori esplorazioni a Gravel Creek. Tutti i titoli sono soggetti a un periodo di blocco di quattro mesi e un giorno. L’offerta è in attesa dell’approvazione finale della TSX Venture Exchange.
Western Exploration anunció el cierre de un placement privado no intermediado, levantando aproximadamente 1,7 millones de dólares canadienses de TXAU Ventures. La oferta involucró 1.603.773 unidades a 1,06 dólares canadienses por unidad, cada una compuesta por una acción y medio warrante. Cada warrante permite la compra de una acción a 1,36 dólares canadienses dentro de los 24 meses. Los fondos apoyarán la pre-factibilidad y los permisos del Doby George Deposit y una mayor exploración en Gravel Creek. Todos los valores están sujetos a un período de retención de cuatro meses y un día. La oferta espera la aprobación final de la TSX Venture Exchange.
웨스턴 탐사는 TXAU 벤처스에서 약 170만 캐나다 달러를 모금한 비중개 사모 절차의 종료를 발표했습니다. 이번 모집은 단가 1.06 캐나다 달러의 1,603,773 유닛을 포함하고 있으며, 각 유닛은 한 주식과 반 개의 워런트로 구성되어 있습니다. 각 워런트는 24개월 이내에 1.36 캐나다 달러로 한 주식을 구매할 수 있게 해줍니다. 모금된 자금은 도비 조지 매장소의 사전 타당성 조사 및 허가 지원과 그레이블 크릭에서의 추가 탐사를 지원할 것입니다. 모든 증권은 4개월과 하루의 거래 제한 기간이 적용됩니다. 이번 모집은 TSX 벤처 거래소의 최종 승인을 기다리고 있습니다.
Western Exploration a annoncé la clôture d’un placement privé sans intermédiaire, levant environ 1,7 million de dollars canadiens de TXAU Ventures. L’offre a impliqué 1.603.773 unités à 1,06 dollar canadien par unité, chacune comprenant une action et une demi-option. Chaque option permet d’acheter une action à 1,36 dollar canadien dans les 24 mois. Les fonds soutiendront l’étude de faisabilité et l’obtention des permis pour le Doby George Deposit ainsi que l’exploration supplémentaire à Gravel Creek. Tous les titres sont soumis à une période de blocage de quatre mois et un jour. L’offre attend l’approbation finale de la TSX Venture Exchange.
Western Exploration gab die Schließung einer nicht vermittelte Privatplatzierung bekannt, bei der etwa 1,7 Millionen kanadische Dollar von TXAU Ventures gesammelt wurden. Das Angebot umfasste 1.603.773 Einheiten zu je 1,06 kanadische Dollar pro Einheit, wobei jede Einheit aus einer Aktie und einer halben Warrant bestand. Jeder Warrant ermöglicht den Kauf einer Aktie zu 1,36 kanadische Dollar innerhalb von 24 Monaten. Die Mittel werden die Machbarkeit und Genehmigung des Doby George Deposits sowie weitere Erkundungen in Gravel Creek unterstützen. Alle Wertpapiere unterliegen einer Haltedauer von vier Monaten und einem Tag. Das Angebot wartet auf die endgültige Genehmigung der TSX Venture Exchange.
Positive
- Raised CDN $1.7 million from TXAU Ventures.
- Funds to advance Doby George Deposit pre-feasibility and permitting.
- Continued exploration at Gravel Creek.
Negative
- Securities subject to a hold period of four months and one day.
RENO, Nev.–(BUSINESS WIRE)– 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 project, 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 project 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.
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 premier 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 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 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 operations and to expand operations; to identify additional resources and reserves and to exploit such resources and reserves on an economic basis; to maintain 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 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 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 authority has approved or disapproved the information contained herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240924745603/en/
Darcy Marud
Chief Executive Officer
Telephone: (775) 329‐8119
Email: dmarud@westernexploration.com
Nichole Cowles
Investor Relations
Telephone: (775) 240‐4172
Email: nicholecowles@westernexploration.com
Source: Western Exploration Inc.
FAQ
What is the amount raised by Western Exploration’s private placement?
Western Exploration raised approximately CDN $1.7 million through its private placement.
What is the stock symbol for Western Exploration?
The stock symbol for Western Exploration is WEXPF.
Who is the new strategic investor in Western Exploration?
The new strategic investor is TXAU Ventures
What will the funds from the private placement be used for?
The funds will be used for the pre-feasibility and permitting of the Doby George Deposit and exploration at Gravel Creek.
What is the price per unit in the Western Exploration private placement?
The price per unit in the private placement is CDN $1.06.
When do the warrants from Western Exploration’s private placement expire?
The warrants expire 24 months after the closing date of the offering.
What is the exercise price of the warrants from Western Exploration’s private placement?
The exercise price of the warrants is CDN $1.36 per share.
What is the hold period for the securities issued in Western Exploration’s private placement?
The hold period for the securities is four months and one day.
