Western Star arranges $1.5-million private placement

Executive Summary

• Western Star Resources Inc. announced a non-brokered private placement of up to 7.5 million units at $0.20 per unit, targeting aggregate gross proceeds of up to CAD $1,500,000.
• The company has secured a lead order of $700,000 for this offering.
• Net proceeds are designated for defining high-priority drill targets at the Western Star project, facilitating a move into Nevada for critical metals, and covering general working capital and market awareness.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Offered: Up to 7,500,000 units.
• Price Per Unit: $0.20 CAD.
• Aggregate Gross Proceeds: Up to $1,500,000 CAD.
• Lead Order: $700,000 CAD.
• Warrant Terms: Each unit includes one share purchase warrant exercisable at $0.35 CAD for a period of two years.
• Holding Period: A four-month holding period applies to all securities issued, including the warrants.
• Use of Proceeds:
  • Define high-priority drill targets at the Western Star project.
  • Complete critical metals move into Nevada.
  • General working capital.
  • Market awareness.
• Regulatory Status: Subject to receipt of all required approvals, including the Canadian Securities Exchange (CSE), and execution of formal documentation.

Notable Quotes

• None provided in the text.