C$5 million
private placement financing to fund 2022 exploration
program
TUCSON,
Ariz., April 5, 2022 /CNW/ - April 5, 2022 - Western Alaska
Minerals (the "Company" or "WAM") (TSXV: "WAM") is pleased
to announce that it intends to complete a non-brokered private
placement to raise gross proceeds of up to C$5,004,000 (the "Offering") through the
sale of up to 4,170,000 common shares (each a "Share") at
C$1.20 per Share. The Offering is not
subject to any minimum aggregate subscription.
The gross proceeds of the Offering will be used to fund the
Company's 2022 exploration program which includes a +6,000 meter
drill program anticipated to re-start in mid-May and continue
through early September. The program is expandable based on success
thru mid-October. The core focus will be on step out drilling of
the Waterpump Creek CRD system to gauge the overall footprint of
the bonanza Ag-Zn-Pb mineralization encountered in 2021.
The Offering is made to accredited investors within the meaning
of National Instrument 45-106 and the completion of the Offering is
subject to the receipt of acceptance by the TSX Venture Exchange
(the "Exchange"). All securities issued in connection
with the Offering will be subject to a statutory hold period
expiring four months plus one day from the Closing. Finders'
fees may be payable in connection with the sale of the Shares in
accordance with the policies of the Exchange.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About WAM
WAM recently began trading as a Tier 1 company listed on the
TSX-V and maintains corporate offices
in Alaska and Arizona. WAM has reassembled and fully
controls all claims in the historic Illinois Creek Mining district
located in western Alaska near the Yukon River, covering
49,280 acres (77 square miles). This significant district was
originally discovered by Anaconda Minerals Co. in the early 1980's.
Since 2010, WAM and its private precursory company Western Alaska
Copper & Gold Inc. (WAC&G) has been engaged in exploring
and advancing its interests in the Illinois Creek mining district
and now controls a diversified portfolio of five deposits that
contain gold, silver, copper, lead, and zinc.
On behalf of the Company
"Kit Marrs"
Kit Marrs
President & CEO
Forward Looking
Information
Certain statements made, and information contained herein may
constitute "forward looking information" and "forward looking
statements" within the meaning of applicable Canadian
and United States securities legislation. These
statements and information are based on facts currently available
to the Company and there is no assurance that actual results will
meet management's expectations. Forward-looking statements and
information may be identified by such terms as "anticipates",
"believes", "targets", "estimates", "plans", "expects", "may",
"will", "could" or "would". Forward-looking statements and
information contained herein are based on certain factors and
assumptions regarding, among other things, the estimation of
mineral resources and reserves, the realization of resource and
reserve estimates, metal prices, taxation, the estimation, timing
and amount of future exploration and development, capital and
operating costs, the availability of financing, the receipt of
regulatory approvals, environmental risks, title disputes and other
matters. While the Company considers its assumptions to be
reasonable as of the date hereof, forward-looking statements and
information are not guaranteeing of future performance and readers
should not place undue importance on such statements as actual
events and results may differ materially from those described
herein. The Company does not undertake to update any
forward-looking statements or information except as may be required
by applicable securities laws.
SOURCE Western Alaska Copper & Gold, an Alaska
Corporation