TUCSON,
Ariz., May 5, 2022 /CNW/ - Western Alaska
Minerals (the "Company" or "WAM") (TSXV: WAM) is pleased
to announce that it has completed a previously announced
non-brokered private placement and has issued 4,170,000 common
shares in the share capital of the Company at a price of
C$1.20 per share for gross proceeds
of C$5,004,000.00 (the "Offering").
The Company has paid finder's fees in the total amount of
C$129,765.00 to certain finders who
assisted with the Offering. All shares issued in connection
with the Offering will have a statutory hold period expiring on
September 6, 2022.
The proceeds of the Offering will be used to fund the Company's
2022 exploration program in the Illinois Creek Mining District (the
"District"). The Company's camp in the District has recently
reopened and additional equipment and camp expansion materials are
now being delivered to camp. The 2022 exploration program will
include geophysical surveys and 6,000+ meters of drilling utilizing
the two Company-owned drill rigs. The surveys and drilling are on
schedule to commence in mid-May and continue through early
September. The program is expandable through October based on
exploration success. The focus of the drilling 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 Company is also pleased to announce that Gary Jones has joined the Company as a
consultant and advisor focusing on health and safety, community
relations and geophysics. Mr. Jones was an advisor on these
matters to, and a long-time board member of, Western Alaska Copper
& Gold, WAM's private precursor company, and his knowledge of
the District and the neighboring communities will be very valuable
in advancing Company interests. Mr. Jones additionally has served
as non-executive chairman of Wireless Seismic, Inc. from 2010 to
present and from 2008 to present, Mr. Jones has served as lead
director and was past chairman of Ingrain, Inc. Mr. Jones
holds a B.Sc in Geological Engineering and a M.Sc in Geophysics
from the University of Arizona.
About WAM
WAM began trading as a Tier 1 company listed on the TSXV Venture
Exchange ("TSXV") in November, 2021, and maintains corporate
offices in Alaska and Arizona. WAM has reassembled and fully
controls all claims in the District, which is located in western
Alaska near the Yukon River,
covering 49,280 acres (77 square miles). The District was
originally explored by Anaconda Minerals Co. in the early 1980's.
Since 2010, WAM and its private precursor company, Western Alaska
Copper & Gold Company, has been engaged in exploring and
advancing its interests in the District and now controls a
diversified portfolio of five deposits that contain gold, silver,
copper, lead, and zinc.
Upon completion of the private placement the Company has
18,797,188 common shares issued and outstanding and 238,643
proportional shares issued and outstanding. Each proportional share
is convertible to 100 common shares at the request of the
shareholder and in the discretion of the Company. Because of
these conversion rights, for market capitalization and financial
analysis purposes, the Company believes it is appropriate to
convert the proportional shares to common shares and add the
product of the conversion to the current number of common shares
outstanding. When doing so, the sum of common shares
(18,797,188) and converted proportional shares (23,864,300) equals
42,661,488 shares. Further information regarding the
Company's share structure is available upon request.
On behalf of the Company
"Kit Marrs"
Kit Marrs
President
& CEO
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accept
responsibility for the adequacy or accuracy of this
release.
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