Business
Western Alaska Minerals Announces Closing of Final Tranche of Upsized C$1.69M Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Alaska Silver Corp
[{"type":"text","content":"Western Alaska Minerals Announces Closing of Final Tranche of Upsized C$1.69M Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTUCSON, AZ / ACCESSWIRE / September 14, 2023 / Western Alaska Minerals (the \" Company \" or \" WAM \") (TSXV:WAM) is pleased to announce that, further to its news releases dated August 21, 2023 and September 1, 2023, it has completed the second and final tranche (the \" Second Tranche \") of its non-brokered private placement (the \" Offering \") and has raised an additional $135,650.55 through the sale of 66,171 units of the Company (each a \" Unit \") at C$2.05 per Unit in the Second Tranche. Each Unit consists of one subordinate voting share of the Company (a \" Share \") and one-half of one subordinate voting share purchase warrant (each whole warrant, a \" Warrant \"). The Company has raised aggregate gross proceeds of $1,686,233.65 through the sale of 822,553 Units in the Offering. The Offering remains subject to final approval from the TSX Venture Exchange.Each Warrant issued in the Second Tranche is exercisable for a period of 36 months from the closing date of the Second Tranche into one additional subordinate voting share of the Company at a price of C$3.15.The Company intends to use the net proceeds of the Second Tranche to fund the Company's continuing exploration program, including drilling targets generated by the results of drill hole LH23-05 (see August 14, 2023 News Release ) and for general corporate purposes.Kit Marrs, CEO and Co-Founder of WAM said, \"I wish to thank all our insiders, shareholders, and new investors who participated in this financing. The drill is currently testing the southern extension zone of the Waterpump Creek carbonate replacement deposit (\"CRD\") in the Last Hurrah area. Additionally, we have commissioned a third-party Qualified Person and team to calculate the initial resource estimate at Waterpump Creek. We expect completion of the resource estimate later in Q4 2023 or early Q1 2024. The Company maintains its focus on systematically unlocking the large-scale mineralization potential in the Illinois Creek Mining District.\"All securities issued pursuant to the Second Tranche are subject to a hold period expiring on January 15, 2024, in addition to such other restrictions as may ap...