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Financings

Western Exploration closes $8.99-million financing

By The Northwire Desk — AI Analysis Feb 03, 2026 · 20:35 WEX · 0.85 Western Exploration Inc.
WEX · Price

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.
Read the original news release →

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