Western Gold Exploration Limited announced a non-brokered private of 6,666,666 equity units a price of CAD 0.15 per unit for gross proceeds of CAD 1,000,000 on July 29, 2022. The company has the option to increase the size of the offering by up to an additional 1,000,000 units for total gross proceeds of up to CAD 1,150,000. Each unit will be comprised of one common share of the company and one-half of one common share purchase warrant of the company.

Each whole warrant will entitle the holder to acquire one common share of the company for a period of 12 months from the date of issuance of the warrant, at an exercise price of CAD 0.25 per share. The securities issued in connection with the Private Placement will be subject to a four-month hold period. The transaction is subject to the approval of the TSX Venture Exchange.

The company may pay a commission or finder's fee to eligible parties in connection with transaction, subject to the approval of the Exchange and compliance with applicable securities laws.