Western Alaska Minerals Completes $1.2 Million Loan Transaction

Western Alaska Minerals Corp. (WAM) has finalized an unsecured loan transaction totaling US$1.2 million. The loan, with a maturity of 36 months, carries an interest rate of 10% per annum and can be repaid after 12 months. Alongside, 2,697,600 bonus warrants were issued to lenders, permitting the purchase of subordinate voting shares at C$0.64 each for three years.

This transaction involved related parties purchasing US$524,000 in notes and receiving 1,177,952 warrants. Despite its classification as a "related party transaction," directors have waived the usual requirements under MI 61-101 due to specific exemptions.

The securities face a four-month hold period under Canadian law and the U.S. Securities Act of 1933. The company didn’t release a material change report 21 days prior, as interested party details were previously unconfirmed.