Business
Western Alaska Minerals Announces Completion of the Second Tranche of a C$12 Million Non-Brokered Private Placement
TUCSON, AZ / ACCESSWIRE / September 6, 2022 / Western Alaska Minerals (the " Company " or ...
About this update from Alaska Silver Corp
[{"type":"text","content":"Western Alaska Minerals Announces Completion of the Second Tranche of a C$12 Million Non-Brokered Private PlacementTUCSON, AZ / ACCESSWIRE / September 6, 2022 / Western Alaska Minerals (the \"Company\" or \"WAM\") (TSXV:WAM) is pleased to announce that it has completed the second tranche of the previously announced non-brokered private placement (the \"Offering\") and has issued 548,780 common shares in the share capital of the Company at a price of C$4.10 per share for gross proceeds of C$2,249,998.00 (the \"Second Tranche\"). The Offering was fully-subscribed and all shares issued in connection with the Second Tranche will have a statutory hold period expiring on January 3, 2023. The Second Tranche is subject to final approval from the TSX Venture Exchange.The gross proceeds of the Second 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.ABOUT WAMWAM began trading on the TSX-V in November 2021 and maintains corporate offices in Alaska and Arizona. WAM fully controls all claims in the historic Illinois Creek Mining District located in western Alaska near the Yukon River, covering 73,120 acres (114.25 square miles or 29,590.60 hectares). This district was originally discovered by Anaconda Minerals Co. in the early 1980's. Since 2010, WAM and its private precursor company Western Alaska Copper & Gold Inc. has reassembled the Anaconda property package and been engaged in exploring the district. The district encompasses at least five deposits containing gold, silver, copper, lead, and zinc.The Company currently has approximat...