Business
Western Exploration Announces "Best Efforts" Private Placement of up to $5.65 Million of Units
RENO, Nev. / May 09, 2023 / Business Wire / Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the "Company" or "Western Exploration") is pleased to announce t
About this update from Western Exploration Inc
[{"type":"text","content":"RENO, Nev. / May 09, 2023 / Business Wire / Western Exploration Inc. (TSXV: WEX; OTCQX: WEXPF) (the \"Company\" or \"Western Exploration\") is pleased to announce the terms of a \"best efforts\" private placement offering of up to 3,646,000 units (the \"Units\") at a price of $1.55 per Unit for gross proceeds of up to $5,651,300 (the \"Offering\"). Each Unit will consist 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 will entitle the holder to purchase one variable voting share of the Company (each, a \"Warrant Share\") at a price of $2.15 per Warrant Share at any time on or before the date which is 36 months after the closing date of the Offering (the \"Closing Date\"), subject to adjustment in certain events. The Offering will be completed pursuant to the terms of an agency agreement to be entered into among the Company and a syndicate of agents co-led by Echelon Wealth Partners Inc. and Canaccord Genuity Corp., as co-lead agents and joint bookrunners, and including Velocity Trade Capital (collectively, the \"Agents\"). The Company intends to use the net proceeds raised from the Offering for exploration and development expenditures at the Aura Project in Nevada, and for general corporate purposes. At the closing of the Offering, the Company shall pay to the Agents a cash commission equal to 7% of the gross proceeds of the Offering and will issue to the Agents such number of non-transferable variable voting share purchase warrants of the Company (the \"Broker Warrants\") as is equal to 7% of the number of Units sold under the Offering at a price of $1.55 per Broker Warrant. Each Broker Warrant will be exercisable to acquire one unit of the Company (each, a \"Broker Warrant Unit\") at a price of $1.55 per Broker Warrant Unit, for a period of 36 months following the Closing Date. Each Broker Warrant Unit will consist of one variable voting share of the Company and one-half of one variable voting share purchase warrant of the Company, each entitling the holder to purchase one variable voting share of the Company at a price of $2.15 per share at any time on or before that date which is 36 months after the Closing Date. In addition, the Company will have the rig...