Western Alaska Minerals Completes Final Tranche of Private Placement

Western Alaska Minerals Corp. announced the closure of the second and final tranche of its non-brokered private placement, following several updates throughout April and May 2024. The company successfully issued 200,000 units, raising additional gross proceeds of C$130,000 in this tranche. Overall, it issued 4,012,981 units at $0.65 per unit, collecting a total of C$2,608,437.65 from the offering.

Each unit in this private placement comprises one subordinate voting share and one share purchase warrant, with the latter enabling the holder to purchase additional shares at C$0.90 each over the next 36 months. Combined with a brokered prospectus offering that closed on April 26, 2024, Western Alaska Minerals has raised C$8,720,616.45 in total, issuing 13,416,333 units to support its upcoming exploration initiatives.

The funds from this offering are allocated for the 2024 exploration program, focusing on new target zones identified in a 2023 geophysical study. The deployment includes step-out drilling at the LH and Warm Springs zones. The offering also involved significant participation from related parties, executed under exemptions from certain requirements by Canadian financial regulations.

Securities issued in this tranche are subject to a hold period until September 15, 2024, among other regulatory restrictions. The securities offered have not been registered under the U.S. Securities Act and are subject to limitations on their sale in the U.S.