Western Exploration Inc. announced that it has closed its previously announced "best efforts" private placement offering of an aggregate 2,937,332 units at a price of $1.55 per Unit for aggregate gross proceeds of $4,552,864.60. Each Unit consists of one variable voting share of the Company and one-half of one variable voting share purchase warrant of the Company, with each Unit Warrant entitling the holder thereof to acquire one variable voting share of the Company enuity Corp., as co-lead agents and joint bookrunners, that included Velocity Trade Capital Ltd. The Company intends to use the net proceeds raised under the Offering for exploration and development expenditures at the Aura Project in Nevada, and for general corporate purposes. In consideration for the services provided by the Agents in connection with the Offering, the Company paid an aggregate cash commission of $196,061.13 and issued an aggregate 126,839 non-transferable compensation options to the Agents. Each Compensation Option is exercisable to acquire one unit of the Company at a price of $1.55 per Compensation Option Unit, until June 14, 2026. Each Compensation Option Unit consists of one variable voting share of the Company and one-half of one variable voting share purchase warrant of the Company, each whole warrant entitling the holder to purchase one variable voting share of the Company at a price of $2.15 per share at any time until June 14, 2026. In addition, in consideration for the provision
of certain finder services to the Company in connection with the Offering, the Company also paid an aggregate cash finder's fee of $34,865,24 and issued an aggregate 22,493 finder's options to Kilcona Capital Ltd. The Finder's Options were issued on substantially the same terms as the Compensation Options. In connection with the Offering, an aggregate 2,681,526 Units were issued and sold pursuant to the "Listed Issuer Financing Exemption" available under Part 5A of National Instrument 45-106 ­ Prospectus Exemptions. A copy of the offering document under the LIFE Exemption dated May 9, 2023 is available electronically on SEDAR under the Company's issuer profile. All Units issued pursuant to the LIFE Exemption not subject to resale restrictions
in Canada in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. All other securities not issued pursuant to the LIFE Exemption, including the Compensation Options and the Finder's Options are subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring on October 15, 2023. The Offering remains subject to the final acceptance of the Exchange.