Western Star Resources amends private placement

Executive Summary

• Western Star Resources Inc. has amended the terms of its previously announced non-brokered private placement, increasing the size to up to $1.5 million through the issuance of up to 10 million units at 15 cents per unit.
• The company simultaneously announced the completion of the acquisition of the past-producing Rowland tungsten property in Nevada, issuing 1 million common shares to vendors at a deemed price of 20 cents per share.
• The release provides extensive technical details on the company's Western Star and Discovery properties in British Columbia, highlighting high-grade historical samples and multiple mineral showings to support the upcoming maiden drill program.

Key Details

• Private Placement Amendment:
  • Structure: Non-brokered private placement of up to 10 million units.
  • Price: 15 cents per unit.
  • Gross Proceeds: Up to $1.5 million.
  • Warrant Terms: Each unit includes one common share purchase warrant, entitling the holder to acquire one additional common share at $0.30 per share for a period of 24 months.
  • Use of Proceeds: Define high-priority drill targets at the Western Star project, advance critical metals initiative in Nevada, and for general working capital and market awareness.
  • Shareholder Approval: Issuance exceeds 100% of current issued and outstanding shares on a fully diluted basis; requires shareholder approval via written consent (>50% voting securities).
  • Regulatory: Subject to CSE acceptance and definitive documentation; 4-month and 1-day statutory hold period.
• Rowland Property Acquisition (M&A):
  • Status: Completed acquisition of the past-producing Rowland tungsten property in Nevada.
  • Consideration: 1,000,000 common shares issued to two vendors at a deemed price of 20 cents per share.
  • Hold Period: 4 months and 1 day statutory hold.
  • Property Details: High-grade tungsten project in the Jarbidge mining district, Nevada. Historical production includes 4.5 tons of ore (3.38% WO3) in 1943 and ~1,000 tons (0.5-1.0% WO3) in 1954-1956. Geology involves skarn and hornfels zones adjacent to quartz monzonite intrusions.
• Western Star & Discovery Properties (Operations/Technical):
  • Western Star Property: 4,740 hectares (46.4 sq km) in the Revelstoke mining district, BC. 100% owned and permitted. Hosts 12 Minfile showings (Black Bear, Lardeau-Goldsmith, Hunter, Wide West, Goodenough, Kitsap, Banner, Daffodil, Royal, Morning Star, Lexington, Alma).
  • Discovery Property: 100% owned, consisting of three known showings (Glenside, Muskateer, Copper Mountain).
  • Key Assays/Samples:
    • Western Star: High-grade samples reported including 246.76 g/t Ag, 1-50.1% Pb, 8.22 g/t Au, and 3.68% Cu.
    • Hunter-Trapper Showing: Chip sample across 1m wide quartz-siderite pod analyzed >102.8 g/t Ag, 3.08% Pb, and 4.38% Zn.
    • Lexington Showing: 3.6m wide quartz vein with 1.5m of massive galena in footwall assaying high silver values.
    • Morning Star Showing: 2.1m wide vein with quartz and calcite stringers.
  • Exploration Status: Over 6.2 km mineralized strike length identified. 2012 AEROTEM airborne geophysical survey suggests natural extension from Western Star to Discovery property. Company is preparing for maiden drill program.

Notable Quotes

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