Western Alaska Minerals Announces $5 Million Brokered and $1.5 Million Non-Brokered Offering

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$6.5 million financing to fund 2024 exploration program

TUCSON, AZ / ACCESSWIRE / April 18, 2024 / Western Alaska Minerals (the "Company" or "WAM") (TSXV:WAM) is pleased to announce that it has entered in to an agreement with Roth Canada Inc. as co-lead agent and sole bookrunner, Canaccord Genuity Corp., as co-lead agent with Roth and Agentis Capital Markets Limited Partnership, as agent, on their own behalf and on behalf of a syndicate of agents (collectively, the "Agents"), who have agreed to sell, on a commercially reasonable efforts basis, up to 7,692,308 units of the Company ("Units") at a price of $0.65 per Unit (the "Offering Price"), for aggregate gross proceeds of up to $5 million (the "Brokered Offering"). The Brokered Offering will be conducted by way of prospectus supplement to the Company's base shelf prospectus dated November 21, 2023 (the "Prospectus Supplement"). The Company has agreed to grant the Agents an option to increase the size of the Brokered Offering by up to 15% (the "Agents' Option"), exercisable in whole or in part at any time for a period of 30 days after the closing date of the Brokered Offering.

The Company is also pleased to announce that it will be conducting a non-brokered private placement of Units at the Offering Price for aggregate gross proceeds of up to $1.5 million (the "Non-Brokered Offering" and together with the Brokered Offering, the "Offering").

Each Unit will be comprised of one subordinate voting share in the authorized share structure of the Company (a "Share") plus one Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share (a "Warrant Share") at an exercise price of $0.90 per Warrant Share for 36 months from the date of issuance.

The Units issued pursuant to the Non-Brokered Offering will not be qualified for distribution by the Prospectus Supplement and will be subject to a four month hold period.

The net proceeds of the Offering will be used to fund the Company's 2024 exploration program, including step-out drilling at the LH and Warm Springs target zones that are new targets identified by the 2023-completed geophysical program, and for general corporate purposes.

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