12:57 PM EDT, 03/21/2024 (MT Newswires) -- Western Exploration Inc. ( WEXPF ) Thursday announced the terms of a non-brokered private placement offering of units of the company at a price of $0.70 per unit for gross proceeds of approximately $6 million.

Each unit will consist of one variable voting share of the company and one variable voting share purchase warrant of the company. Each warrant will entitle the holder to purchase one variable voting share of the company at a price of $1 per warrant share at any time on or before the date which is 36 months after the closing date of the offering, subject to adjustment in certain events.

The company intends to use the net proceeds raised from the offering for exploration and development expenditures at the Aura Project in Nevada, and for general corporate purposes.

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