Western Exploration Announces Closing of Private Placement of Units for Gross Proceeds of $4.55 Million - Seite 2

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 (the "LIFE Exemption"). A copy of the offering document under the LIFE Exemption dated May 9, 2023 (the "Offering Document") is available electronically on SEDAR (www.sedar.com) 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 (the "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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Western Exploration

Born from a 25-year history of advancing exploration projects in Nevada as a private company, today Western Exploration is composed of an experienced team of precious metals experts that aims to lead Western Exploration to becoming a premiere gold and silver development company in North America. The Company's principal asset is the 100% owned Aura gold-silver project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada, and includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Additional information regarding Western Exploration and the Aura Project can be found on the Company's website and on SEDAR (www.sedar.com) under the Company's issuer profile.