Western Exploration closes $8.99-million financing

Executive Summary

• Western Exploration Inc. has closed a fully-subscribed best efforts private placement offering, raising gross proceeds of approximately $9 million.
• The company issued 9.78 million units at a price of C$0.92 per unit, including the full exercise of the agents' over-allotment option.
• Net proceeds will be used for the advancement and exploration of the Aura project in Nevada, as well as for general corporate purposes and working capital.

Key Details

• Gross Proceeds: $8,997,600 (C$9 million).
• Units Issued: 9.78 million units.
• Price Per Unit: C$0.92.
• Unit Composition: Each unit consists of one variable voting share and one-half of one variable voting share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to acquire one variable voting share at an exercise price of $1.35 per share.
  • Warrants are exercisable until February 3, 2028.
  • Warrants cannot be exercised prior to April 4, 2026.
  • Call Provision: Warrants are callable if the daily volume-weighted average trading price exceeds $1.70 for 20 consecutive trading days. Call notice period begins six months from the date of the release and ends upon warrant expiration. Unexercised warrants expire 30 days after call notice.
• Use of Proceeds: Advancement and additional exploration of the Aura project (Nevada), general corporate purposes, and working capital.
• Agent Compensation:
  • Cash commission and advisory fees totaling approximately $512,557.
  • Issuance of 557,127 non-transferable broker warrants to agents.
  • Broker warrant exercise price: C$0.92 per share.
  • Broker warrant expiration: February 3, 2028.
• Regulatory/Exemption: Issued pursuant to the Listed Issuer Financing Exemption (LIFE) under National Instrument 45-106. Units are not subject to resale restrictions in Canada. Broker warrants are subject to a statutory hold period expiring June 4, 2026.
• Agents: Paradigm Capital Inc. (lead agent and sole bookrunner) and Velocity Capital Partners.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.