Western Alaska Minerals Announces Closing of $6.11 Million Brokered Offering

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TUCSON, AZ / ACCESSWIRE / April 26, 2024 / Western Alaska Minerals (the " Company " or " WAM ") (TSXV:"WAM") is pleased to announce that it has closed its previously announced brokered offering by way of prospectus supplement dated April 22, 2024 to the Company's base shelf prospectus dated November 21, 2023, for aggregate gross proceeds of C$6,112,178.80 (the " Offering "). The Offering was led by Roth Canada, Inc. (" Roth "), 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 ").

In connection with the Offering the Company issued a total of 9,403,352 units (" Units ") at a price of C$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 C$0.90 for a period of 36 months from the date of issuance.

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 paid to the Agents a cash commission of C$366,730.73 and issued to the Agents 564,200 Share purchase warrants of the Company (the " Agent Warrants "). Each Agent Warrant entitles the holder thereof to purchase one Share at the Offering Price for a period of 36 months from the date of issuance.

Related parties of the Company purchased an aggregate of 311,138 Units in the Offering. The issuance of Units to this related party is considered to be a related party transaction within the meaning of TSX Venture Exchange (" TSXV ") Policy 5.9 and Multilateral Instrument 61-101 (" MI 61-101 "). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) as the fair market value of the Units issued to such person does not exceed 25% of the Company's market capitalization.

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