Western Star Resources closes $3.04-million financing

Executive Summary

• Western Star Resources Inc. has closed a non-brokered private placement, raising gross proceeds of $3,046,089.
• The company issued 20,307,254 units at $0.15 per unit, with net proceeds designated for drilling targets at the Western Star project, moving operations to Nevada, working capital, and market awareness.
• In addition to the financing, the company granted 2,000,000 stock options to directors, officers, employees, and consultants, exercisable at $0.30 per share.

Key Details

• Gross Proceeds: $3,046,089.
• Units Issued: 20,307,254 units.
• Price Per Unit: $0.15.
• Unit Composition: Each unit consists of one common share and one share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one common share at an exercise price of $0.30 per share.
• Warrant Expiration: February 23, 2028.
• Hold Period: All securities issued are subject to a four-month hold period expiring June 24, 2026.
• Finders' Fees: $83,119.01 paid in cash.
• Finders' Warrants: 553,887 warrants issued to finders at a price of $0.30 per warrant, expiring February 23, 2028 (two-year period).
• Use of Proceeds: Define high-priority drill targets at the Western Star project; complete critical metals move into Nevada; general working capital; and market awareness.
• Stock Options Granted: Aggregate of 2,000,000 options granted to directors, officers, employees, and consultants.
• Option Exercise Price: $0.30 per share.
• Option Vesting: Fully vested upon issuance.
• Option Term: Three years from the date of grant.
• Regulatory Status: Options subject to acceptance by the Canadian Securities Exchange.

Notable Quotes

• "We're pleased to complete this private placement and now focus on advancing our tungsten project. With strengthening tungsten prices and increasing strategic attention on securing reliable, domestic supply, Western Star Resources is well positioned to capitalize on the growing momentum in the sector. Market dynamics have shifted meaningfully and tungsten is re-emerging as a critical mineral of importance." — Blake Morgan, Chief Executive Officer