Walker Lane Resources Ltd. Completes Private Placement
Walker Lane Resources Ltd. (TSX-V: WLR) is thrilled to announce the successful closing of its non-brokered private placement. Following a recent approval by the TSX Venture Exchange, the company issued significant share units on July 23, enhancing its financial capacity to further exploration activities.
Details of the Private Placement
In total, Walker Lane issued 2,508,335 non-flow-through Units at a price of $0.12 each, generating gross proceeds of $301,000. Furthermore, the company issued 607,143 flow-through Units priced at $0.14 each, yielding an additional $85,000. The aggregate gross proceeds from this private placement reached $386,000. Each type of Unit includes a common share coupled with a purchase warrant, presenting potential for future investment returns.
Insider Participation
A noteworthy aspect of this offering was the participation of an insider, who subscribed for 1,178,571 Units. This included both NFT Units and FT Units. Such involvement falls under the umbrella of related party transactions as outlined in Multilateral Instrument 61-101. In light of this subscription, the company utilized exemptions from certain valuation and minority approval requirements to proceed with this investment, given that the issued securities represent less than 25% of the company’s market capitalization.
Intended Use of Proceeds
The funds acquired through the flow-through Units are earmarked for 'Canadian exploration expenses' and 'flow-through mining expenditures' related to the company's exploration activities, particularly at their renowned Amy and Silver Hart Properties in the Rancheria Silver District. There are also plans for limited exploration at the Logjam property in Yukon. The transitional funds from the NFT Units are allocated towards development in Nevada, specifically for the Tule Canyon, Cambridge, and Silver Mountain projects, and to support general working capital.
About Walker Lane Resources Ltd.
Walker Lane Resources Ltd. addresses the growing demand for precious metals through focused exploration in high-potential regions. The Company is positioned strategically within the Walker Lane Gold Trend District of Nevada and the Rancheria Silver District in British Columbia. With its commitment to advancing exploration programs, particularly aiming to mature the Tule Canyon and Amy projects towards drill-ready stages, the company is poised for significant growth.
Future Exploration Goals
Walker Lane envisions early-stage exploration on its Cambridge and Silver Mountain properties, while also evaluating the potential medium-term development of the Silver Hart/Blue Heaven property. Ongoing exploration efforts at the Logjam property further bolster the company’s ambitious development plans.
In a statement from the company: “We are excited about the financing and what it means for the future of Walker Lane Resources.” This echoes the administration’s determined focus on achieving resource definition through meticulously crafted drilling campaigns.
For More Inquiries
For further information and insights, stakeholders may contact:
Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Phone: (709) 327 8013
Email: kbrewer80@hotmail.com | (604) 602-0001
Website: www.walkerlaneresources.com
Suite 1600-409 Granville St.,
Vancouver, BC, V6C 1T2
Frequently Asked Questions
What is the purpose of the private placement by Walker Lane Resources?
The private placement is intended to raise funds for exploration projects and working capital, particularly in Nevada and British Columbia.
How much money was raised through the placement?
Walker Lane raised a total of $386,000 from the issuance of NFT and FT Units in the private placement.
What are NFT and FT Units?
NFT Units consist of a common share and a common share purchase warrant, while FT Units also include similar features but are specifically designated for flow-through mining expenditures.
Who participated in the private placement?
An insider of the company subscribed for a significant portion of the Units, which is classified as a related party transaction.
Where will the funds from this placement primarily be used?
The proceeds are directed towards exploration expenses in Canada and for ongoing projects in Nevada, including the Tule Canyon and Cambridge properties.
