Western Alaska Minerals expands brokered offering to up to $7 Million

Western Alaska increases brokered offering to $7M from $5M in response to demand. Agents to sell up to 10,769,231 units at $0.65/unit.

Western Alaska Minerals announce following their news release dated April 18, 2024, and in response to strong demand, the company, along with Roth Canada, Inc., Canaccord Genuity Corp., and Agentis Capital Markets Limited Partnership, has decided to increase the size of their brokered offering. Initially set at $5 million, it has now been upsized to $7 million. Under this revised offering, their agents will endeavor to sell up to 10,769,231 units of the company at a price of $0.65 per Unit.

This upsized offering, termed the Brokered Offering, will be managed through a prospectus supplement dated April 22, 2024, which supplements their base shelf prospectus dated November 21, 2023. Additionally, they have granted their agents the option to increase the size of the Brokered Offering by up to 15% within 30 days after its closing date.

As previously announced, the company will conduct a non-brokered private placement of units, alongside the Brokered Offering, aiming to raise up to $1.5 million in gross proceeds.

Each Unit comprises one subordinate voting Share and one Share purchase warrant. The warrants allow the holder to purchase one Share at an exercise price of $0.90 for 36 months.

Units issued in the Non-Brokered Offering won't be qualified for distribution by the Prospectus Supplement and will be subject to a four-month hold period.

Proceeds from the Offering will fund the Company's 2024 exploration program, including drilling at new target zones identified by the 2023 geophysical program, and general corporate purposes.

The Brokered Offering is expected to close around April 26, 2024, and the Non-Brokered Offering around May 3, 2024, subject to customary conditions and regulatory approvals. Access to detailed documents is available online. Copies can be obtained from Roth Canada, Inc. free of charge via email.

The securities being offered are not registered under the U.S. Securities Act and may not be offered or sold in the United States without proper registration or exemption.