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Western Alaska Minerals Announces Completion of the First Tranche Of a C$12 Million Non-brokered Private Placement
TUCSON, AZ / ACCESSWIRE / August 22, 2022 / Western Alaska Minerals (the " Company " or " WA...
About this update from Alaska Silver Corp
[{"type":"text","content":"Western Alaska Minerals Announces Completion of the First Tranche Of a C$12 Million Non-brokered Private PlacementTUCSON, AZ / ACCESSWIRE / August 22, 2022 / Western Alaska Minerals (the \"Company\" or \"WAM\") (TSXV:\"WAM\") is pleased to announce that it has completed the first tranche of the previously announced non-brokered private placement and has issued 2,378,219 common shares in the share capital of the Company at a price of C$4.10 per share for gross proceeds of C$9,750,697.90 (the \"First Tranche\"). The Company has paid finder's fees in the total amount of C$352,901.20 and issued 36,585 finder's shares to certain finders who assisted with the First Tranche. All shares issued in connection with the First Tranche, including the finder's shares, will have a statutory hold period expiring on December 20, 2022. The First Tranche is subject to final approval from the TSX Venture Exchange.The gross proceeds of the First Tranche will be used to fund the extension of the Company's 2022 exploration program through year-end and which, using the two Company-owned drill rigs, would bring the year's drilling meterage to approximately 10,500 meters. The core focus of the 2022 program remains step-out drilling of the Waterpump Creek carbonate replacement deposit (\"CRD\") to gauge the overall footprint of the bonanza silver/zinc/lead mineralization encountered in 2021 and further explored in 2022. The proceeds will additionally be used to further explore along trend in the Last Hurrah area based on the recently completed system-wide CSAMT (controlled-source audio-magnetotellurics) program, initiate metallurgical studies, continue Yukon River access route and environmental baseline studies, fund expenditures in anticipation of the 2023 drill program, and general corporate purposes.Certain insiders of the Company purchased an aggregate of 10,940 shares in the First Tranche and such participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of First Tranche,...