Western Exploration Inc. announced and entered into among the Company and a syndicate of agents co-led by Echelon Wealth Partners Inc. and Canaccord Genuity Corp., as co-lead agents and joint bookrunners, and including Velocity Trade Capital a best efforts private placement of 3,646,000 units at a price of CAD 1.55 per Unit for gross proceeds of up to CAD 5,651,300 on May 9, 2023. Each Unit will consist of one variable voting share and one-half of 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 CAD 2.15 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.

At the closing of the Offering, the Company shall pay to the Agents a cash commission equal to 7% of the gross proceeds of the Offering and will issue to the Agents such number of non-transferable variable voting share purchase warrants of the Company as is equal to 7% of the number of Units sold under the Offering at a price of CAD 1.55 per Broker Warrant. Each Broker Warrant will be exercisable to acquire one unit of the Company at a price of CAD 1.55 per Broker Warrant Unit, for a period of 36 months following the Closing Date. Each Broker Warrant Unit will consist of one variable voting share of the Company and one-half of one variable voting share purchase warrant of the Company, each entitling the holder to purchase one variable voting share of the Company at a price of CAD 2.15 per share at any time on or before that date which is 36 months after the Closing Date.

In addition, the Company will have the right to sell Units to certain "president's list" purchasers, provided, however, that compensation payable by the Company to the Agents for the first CAD 3,000,000 of subscriptions from President's List Purchasers shall be reduced to a 3.5% cash commission and 3.5% Broker Warrants. The Offering is scheduled to close on or around June 1, 2023 and remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.