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TSX-V: WLR
Frankfurt: 6YL
Walker Lane Resources Ltd. (TSXV: WLR,OTC:CMCXF) (Frankfurt: 6YL) ("WLR" or the "Company") is pleased to announce the terms to its proposed non-brokered private placement. The proposed terms are to sell flow-through units of the Company (each, a "FT Unit") at a price of C$0.14 per FT Unit and for gross proceeds of $140,000 and non-flow-through units of the Company (each, a "Unit") at a price of C$0.125 per Unit for gross proceeds of $250,000. The aggregate gross proceeds will be C$390,000 and may be increased. A new corporate presentation has been placed in the company website at www.walkerlaneresources.com and interested participants are encouraged to contact the Company President and CEO - Kevin Brewer for further information.
Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one-half of one transferrable non-flow-through share purchase warrant (each full warrant, a "Warrant"). Each Unit will consist of one common share of the Company (each, a "Unit Share") and one Warrant. Each whole Warrant will entitle the holder thereof to acquire one non-flow-through common share of the Company (each, a "Warrant Share") at a price of C$0.16 per Warrant Share for a period of 24 months from the closing date of the Offering.
Kevin Brewer, President and CEO notes: "This is an important first step to initiating pre-development activities at our Silver Hart Project. These funds will be used, in part, to conduct the metallurgical testing and sorting tests on a composite sample previously collected from Silver Hart. After detailed discussions with metallurgical/ore sorter technology companies, we are confident that the mineralization at Silver Hart is very conducive to density-based ore sorting and can result in successful recovery rates. These tests should be concluded in the next quarter and our plan is then to raise additional funds to undertake detailed drilling of the first proposed open pit along with commencement of engineering and environmental studies to prepare Silver Hart for eventual production. This summer we also hope to initiate drilling at our Amy project."
Proceeds from the sale of FT Shares to eligible investors in Canada will be used to incur "Canadian exploration expenses" and "flow through mining expenditures" as these terms are defined in the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2026, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.
The net proceeds from the sale of FT Units will be used to fund the Company's exploration program at its Amy and Silver Hart Properties in the Rancheria Silver District, (Yukon/British Columbia) and the net proceeds from the sale of NFT Units will be used for general working capital.
The Company may pay finders' fees comprised of cash and non-transferable warrants (the "Finder's Warrants") in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. The terms of the Finder's Warrants will be the same as the Warrants distributed in the FT Units and the NFT Units. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Closing is subject to customary closing conditions including, but not limited to, the negotiation and execution of subscription agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
All securities issued pursuant to the Placement will be subject to a four month and one day hold period under Canadian securities laws. Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. There can be no guarantee that the Private Placement will be completed on the terms outlined above, or at all. The securities issued pursuant to the Private Placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Walker Lane Resources Ltd.
Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon. The Company intends to initiate an aggressive exploration program to advance its projects through drilling programs with the aim of achieving resource definition in the near future.
For more information, please consult the Company's filings, available at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Kevin Brewer
President, CEO and Director
Walker Lane Resources Ltd.
Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These forward-looking statements are generally identified by words such as "believe," "project," "aim," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions, and in this news release include statements respecting the receipt of TSXV approval, completion of the Private Placement, and the Company's plans for the use of the proceeds of the Private Placement. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
SOURCE Walker Lane Resources Ltd
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