Walker Lane Resources Secures Funds through Successful Placement
Walker Lane Resources Ltd. Completes Private Placement
Walker Lane Resources Ltd. (TSXV: WLR) recently closed a significant private placement aimed at furthering its exploration initiatives. This move is vital for the company as it enhances its financial foundation while pursuing strategic opportunities in the mining sector.
Details of the Private Placement
In this latest funding round, the company issued a total of 3,115,478 units, which comprise both non-flow through and flow-through units. The non-flow through units, priced at $0.12 each, resulted in gross proceeds of $301,000, while the flow-through units, sold at $0.14, raised an additional $85,000. Collectively, this private placement has bolstered the company's resources by $386,000, providing the necessary capital for its upcoming projects.
Components of the Units
Each unit issued under the private placement includes a common share alongside a common share purchase warrant. The warrants allow subscribers to purchase more shares for a specified price, effectively aligning the interests of investors with the company’s growth ambitions. Notably, the company set the exercise price at $0.16 per share, with a two-year exercise period.
Participation from Insiders
Some participation came from insiders within the company, involving a total of 1,178,571 units. This portion classified as a related party transaction required special disclosures, ensuring transparency and compliance with all applicable regulations. This insider involvement is a vote of confidence in the company's direction and future prospects.
Intended Use of Proceeds
Walker Lane Resources plans to utilize the proceeds from this placement strategically. A portion will be directed towards 'Canadian exploration expenses' as outlined in the Income Tax Act (Canada). These funds are anticipated to advance the exploration programs at key properties, including the Amy and Silver Hart Properties located in the Rancheria Silver District.
Additionally, there are plans for limited activities at the Logjam property in Yukon. For the funds raised through non-flow through units, the focus will be on properties in Nevada, particularly at Tule Canyon, Cambridge, and Silver Mountain, alongside general working capital for operational expenses.
Company Overview
Walker Lane Resources Ltd. is committed to exploring high-grade gold, silver, and polymetallic deposits located in the Walker Lane Gold Trend District in Nevada. The company is actively advancing its exploration of the Tule Canyon and Amy properties towards the drill-ready stage, indicating a proactive approach to resource development.
Future Exploration Plans
The company is poised to conduct early-stage exploration efforts on its other properties within Nevada and Yukon. This includes evaluating the Cambridge and Silver Mountain properties for medium-term development while advancing exploration on the Logjam property. These efforts are not only essential for expanding their asset base but also critical for driving shareholder value.
Contact Information
For any inquiries regarding the private placement or the operational strategies of Walker Lane Resources, investors can reach out to:
Kevin Brewer, President and CEO
Phone: (709) 327 8013
Email: kbrewer80@hotmail.com
Website: www.walkerlaneresources.com
Address: Suite 1600-409 Granville St., Vancouver, BC, V6C 1T2
Frequently Asked Questions
What was the total amount raised through the private placement?
The private placement raised a total of $386,000 through the issuance of both non-flow-through and flow-through units.
How many units were issued in the private placement?
A total of 3,115,478 units were issued, which included both non-flow-through and flow-through components.
What will the funds from the private placement be used for?
The funds will be allocated to exploration expenses specifically at the Amy and Silver Hart properties, and for general working capital related to the company’s operations.
Who participated in the private placement?
Insiders of the company subscribed to a significant portion of the units, demonstrating confidence in the company's direction.
Where is Walker Lane Resources primarily focused on exploration?
Walker Lane Resources is primarily focusing on the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/British Columbia.
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