Business
Western Alaska Minerals Announces Closing of First Tranche of Upsized 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 First Tranche of Upsized Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTUCSON, AZ / ACCESSWIRE / September 1, 2023 / Western Alaska Minerals (the \"Company\" or \"WAM\") (TSXV:WAM) is pleased to announce that it has completed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement (the \"Offering\"), whereby the Company has raised gross proceeds of approximately C$1.55 million through the sale of 756,382 units (each a \"Unit\") at C$2.05 per Unit. 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 further announces that it intends to increase the size of the Offering up to a total of 856,699 Units for aggregate gross proceeds of approximately $1.76 million, including the First Tranche. All of the other terms of the Offering remain as previously announced in the Company's press release dated August 21, 2023.Each Warrant is exercisable for a period of 36 months from the closing date into one additional subordinate voting share of the Company (a \"Warrant Share\") at a price of C$3.15.The Company intends to use the net proceeds of the First 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, WAM CEO stated \"The upsizing of this financing clearly reflects our strong shareholder support for expanding our exploration efforts. These funds will go immediately towards our work to explore along the southern extension of the Waterpump Creek carbonate replacement deposit (\"CRD\") in the Last Hurrah area. The drill is on site and should start turning tomorrow or the next day.\"In connection with the First Tranche, the Company issued an aggregate of 1,170 finder's warrants (the \"Finder's Warrants\") and paid finder's commissions of an aggregate of $2,398.50 to certain qualified finders. Each Finder's Warrant is exercisable for a period of 36 months from the closing date into one additional subordinate voting share of the Company at a price of C$3.15.All securities issued p...