Western Alaska Minerals Announces Closing of Upsized Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TUCSON, AZ / ACCESSWIRE / May 8, 2024 / Western Alaska Minerals (the "Company" or "WAM") (TSXV:WAM) is pleased to announce that, further to its news releases dated April 18, 2024, April 22, 2024, April 26, 2024, and May 3, 2024, the Company has closed its previously announced non-brokered private placement (the "Offering") for aggregate gross proceeds of C$2,478,437.65. Under the upsized Offering, the Company issued 3,812,981 units of the Company ("Units") at a price of $0.65 per Unit (the "Offering Price").

Each Unit is comprised of one subordinate voting share in the authorized share structure of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant entitles 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 Company is pleased to report that pursuant to the Offering, when combined with the brokered offering of Units via prospectus supplement which closed on April 26, 2024, it has raised aggregate gross proceeds of C$8,590,616.45 and issued 13,216,333 Units.

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.

In connection with the Offering, the Company issued an aggregate of 174,154 finder's warrants (the "Finder's Warrants") and paid finder's commissions of an aggregate of $113,199.80 to certain qualified finders. Each Finder's Warrant is exercisable for a period of 36 months from the date of issuance into one Share of the Company at a price of C$0.90. All securities issued pursuant to the Offering, including the Finder's Warrants, are subject to a hold period expiring on September 9, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Certain related parties of the Company ("Interested Parties") purchased or acquired direction or control over a total of 1,153,846 Units as part of the Offering. The placement to those persons constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Notwithstanding the foregoing, the directors of the Company have determined that the Interested Parties' participation in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of Interested Parties had not been confirmed at that time.

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