Western Exploration (WEX.V) has completed a financing, raising a total of just over C$6.5M. The company issued approximately 9.35 million units at C$0.70 per unit with each unit consisting of one common share and a full warrant. Each warrant allows the warrant holder to acquire an additional share of Western Exploration at C$1.00 within three years after closing the financing.
Agnico Eagle Mines (AEM, AEM.TO) participated in this offering as it acquired 857,000 additional units for a total investment of C$600,000 which brings its total position to approximately 6.3 million shares. Two directors of Western Exploration invested C$175,000.
Disclosure: The author has a long position in Western Exploration. Please read the disclaimer.
