Western Exploration Inc. (TSX-V: WEX) (OTCQX: WEXPF) announces that it has closed a non-brokered private placement of an aggregate 814,286 units of the Corporation at a price of C$1.40 per Unit for aggregate gross proceeds of approximately C$1,140,000. The Corporation intends to use the proceeds of the Offering to continue to advance the exploration and development of the Aura Project and for general corporate purposes.
Each Unit is comprised of one variable voting share of the Corporation and one-half of one Variable Voting Share purchase warrant of the Corporation. Each Warrant entitles the holder thereof to purchase one Variable Voting Share at an exercise price of C$1.96 per Variable Voting Share for a period of two years following the closing date of the Offering.
The securities issued in connection with the Offering are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. The Offering is subject to final acceptance of the TSX Venture Exchange. The Warrants will not be listed on any exchange.
About Western Exploration
Born from a 25-year history of advancing exploration projects in Nevada as a private company, today Western Exploration is composed of an experienced team of precious metals experts that aims to lead Western Exploration to becoming a premiere gold and silver development company in North America. The Corporation’s principal asset is the 100% owned Aura gold-silver project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada, and includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch.
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