Western Exploration Announces Closing of Private Placement - Seite 2

10% Securityholder

857,143

$600,000.01

Nicolas Schlumberger

Director of Western Exploration

178,571

$124,999.70

Gerard Munera(1)

Director of Western Exploration

71,429

$50,000.30

Note:
(1) Gerard Munera acquired the Units indirectly through Synergex Group LLC.

Each Insider Subscription is considered to be a "related party transaction" of the Company for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In completing the Insider Subscriptions, the Company relied upon exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. Specifically, the Company is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5 (b) of MI 61-101 insofar as no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from the minority approval requirement in Section 5.6 of MI 61-101 for each Insider Subscription in reliance on Section 5.7(b) insofar as the fair market value of such Insider Subscriptions, insofar as they involves interested parties, is not more than the 25% of the Company's market capitalization.

The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons.

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.