02:12 PM EDT, 06/06/2025 (MT Newswires) -- Western Exploration ( WEXPF ) on Friday said it closed a "best efforts" private placement that raised $5 million, including the full exercise of the agent's option.

The company sold 7.15-million units priced at $0.70 and made up of a variable voting share and one-half of a three-year warrant to buy a second variable voting share for $0.95.

The company said it plans to use the proceeds for exploration and advancement of its Aura Project in Nevada, which includes the Doby George, Gravel Creek, and Wood Gulch deposits, as well as for general corporate purposes and working capital.

"This financing enables us to take the next steps at Gravel Creek for resource expansion with an extensive drill program at Wood Gulch," said Chief Executive Officer Darcy Marud. "This is the next step in growing Gravel Creek with additional high grade exploration targets."

Shares of the company were last seen up $0.03 to $0.64 on the TSX Venture Exchange.

Price: 0.64, Change: +0.03, Percent Change: +4.92