Western Star Resources Inc. Amends Previously Announced Private Placement
Executive Summary
- Western Star Resources amends its previously announced non‑brokered private placement, now proposing up to $1.5 M of financing through the issuance of 10 million units at $0.15 per unit (each unit = 1 common share + 1 warrant).
- The net proceeds will fund high‑priority drill targets at the Western Star Project, advance the critical metals initiative in Nevada, and provide general working capital/market awareness.
- The company also completes acquisition of the past‑producing Rowland tungsten property in Nevada, issuing 1 million common shares (deemed $0.20 per share) to the sellers.
Key Details
- Private Placement Terms
- Maximum amount: $1,500,000
- Units offered: up to 10,000,000
- Price per Unit: $0.15
- Composition of each Unit: 1 common share + 1 warrant
- Warrant terms: right to purchase 1 additional common share at $0.30 for 24 months from issuance
- Use of Proceeds
- Define and drill high‑priority targets at the Western Star Project (BC)
- Advance critical metals exploration in Nevada (including Rowland tungsten property)
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General working capital and market awareness activities
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Shareholder Approval
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Issuance would exceed 100 % of current diluted shares; requires written consent from shareholders holding >50 % of voting securities per CSE policy.
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Regulatory Conditions
- Subject to CSE acceptance, execution of definitive documentation, and statutory hold period of four months + one day for all issued securities.
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Potential finder’s fees payable pending CSE approval.
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Acquisition of Rowland Tungsten Property (Nevada)
- Completed under previously announced option agreement; transaction closed per CSE Policy 6.
- Consideration: issuance of 1,000,000 common shares at a deemed price of $0.20 per share to two vendors.
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Shares issued are also subject to the statutory hold period of four months and one day.
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Strategic Highlights of Rowland Property
- Historic high‑grade tungsten (3.38 % WO₃) with past production in the 1940s–1950s.
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Critical mineral status: U.S. domestic tungsten supply is virtually nonexistent; project aligns with U.S. defense and aerospace priorities.
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Western Star Property Overview
- 4,740 ha (46.4 km²) district‑scale carbonate replacement deposit in Revelstoke mining district, BC.
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100 % owned & permitted; hosts multiple MINFILE showings with notable grades (e.g., 246.76 g/t Ag, 8.22 g/t Au, 3.68 % Cu).
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Technical Review
- Independent qualified person Derrick Strickland (NI 43‑101) reviewed and approved all scientific/technical information disclosed.
Notable Quotes
“The amended private placement provides us with the capital needed to advance our flagship Western Star Project while leveraging the strategic acquisition of the Rowland tungsten property, positioning us well within the growing critical minerals landscape.” – Blake Morgan, CEO & Director
All forward‑looking statements are subject to risks and uncertainties; readers should not place undue reliance on them.