/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, BC, July 14, 2020
/CNW/ - Western Atlas Resources Inc. ("Western Atlas"
or the "Company") (TSXV: WA), is pleased to announce that it
is increasing the size of its non-brokered placement announced
July 8, 2020 from $2,000,000 to up to $3,500,000 in a mix of flow-through ("FT")
and non-flow through ("NFT") units (the "Units"),
with Gran Colombia Gold Corp. ("Gran Colombia") (TSX: GCM) purchasing
NFT Units for proceeds of C$1,400,000.
The private placement consists of the sale of flow-through units
and non-flow-through units at a price of 10
cents. The flow-through units will consist of one
flow-through common share and one-half of one non-flow-through
common share purchase warrant, with each whole warrant exercisable
for one additional Western Atlas share at a price of 15 cents for a period of two years from the
closing of the private placement.
The non-flow-through units will consist of one non-flow-through
common share and one non-flow-through common share purchase
warrant, with each whole warrant exercisable for one additional
Western Atlas share at a price of 15
cents for a period of two years from the closing of the
private placement.
Western Atlas may accelerate the expiry date of the warrants
after one-year-and-a-half has elapsed from the closing in the event
the common shares have a closing price on the TSX Venture Exchange
(or such other exchange on which the common shares may be traded at
such time) of greater than 18 cents
per share for a period of 20 consecutive trading days, by giving
notice to the holders thereof and, in such case, the warrants will
expire on the 30th day after the date on which such notice is given
to the holders by Western Atlas, which notice shall be deemed to
have been delivered to the holder three business days after the
notice has been sent by Western Atlas to the holder by regular
mail.
Finders' fees or brokers' commissions may be paid in accordance
with TSX-V policies.
Proceeds from the private placement shall be used by Western
Atlas for the drilling at Western Atlas's Meadowbank gold project
in Nunavut, Canada, seeking
restitution of the Increible project, and for general and
administrative expenses.
About Western Atlas
The Company's common shares are listed on the TSX Venture
Exchange under the symbol WA. Western Atlas is focused on the
acquisition and development of scalable precious metals projects in
premier mining jurisdictions. Western Atlas's wholly owned
subsidiary, 5530 Nunavut Inc., holds its interests in the
Meadowbank project located in Nunavut,
Canada.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the Company's
objectives, goals or future plans; the receipt of the requisite
approvals with respect to the business and operations of the
Company. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties
and other factors which may cause actual results and future events
to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic and social uncertainties;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals;
those additional risks set out in Western Atlas's public documents
filed on SEDAR at www.sedar.com; and other matters discussed in
this news release. Although Western Atlas believes that the
assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Except where required by
law, Western Atlas disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Western Atlas Resources