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Western Exploration provides update on stock market matters, including expected date for start of trading




TORONTO,January 18, 2022/CNW/- West Exploration Inc. (“Western exploration“or the”Society“), aNevada-former metal exploration company, is pleased to announce that its common stock (the “Ordinary actions“) are expected to begin trading through the facilities of the TSX Venture Exchange (the “Exchange“) effective at the opening of the markets onWednesday, January 19, 2022, under the symbol “WEX”. Please refer to Western Exploration press release datedDecember 22, 2021(entitledWestern completes ‘Go Public’ transaction via reverse takeover ofcrystal peakand launches “Western Exploration Inc.”) for additional details on Western Exploration’s recently completed reverse takeover transaction (the “OTR“).

Escrowed securities

As part of the realization of the RTO, a total of 20,812,796 common shares (collectively, the “Escrowed securities“) held by certain principals (as defined in the policies of the Exchange) of the Company (collectively, the “Holders of Escrowed Securities“) have been escrow with TSX Trust Company, as escrow agent, pursuant to a “Surplus Level 2 Securities” Escrow Agreement datedDecember 22, 2021(the “Escrow Agreement“) between the Company, TSX Trust Company, as escrow agent, and holders of Escrowed Securities. In accordance with Policy 5.4 Escrow, Supplier Consideration and Resale Restrictionsof the Bourse, the escrowed securities will be released from escrow over a period of 36 months, with 5% of the escrow securities being initially released onJanuary 17, 2022, being the date of the last Exchange bulletin concerning the RTO.

The following table sets out the details of the Escrowed Securityholders and Escrowed Securities:

Name of Escrowed Securityholder

Number of common shares owned or controlled

Percentage of Common Shares Outstanding(1)

Golkonda LLC



Marceau Schlumberger

650 590


The Marud Rivas Family Trust

142 144


Synergex Group LLC



To note:(1) Calculated on a non-diluted basis, based on a total of 30,434,587 common shares issued and outstanding as of the date hereof.

Under the RTO, Agnico Eagle Mines Limited (“Agnico“) and the Company has previously entered into an Investor Rights Agreement datedDecember 22, 2021(the “Investor Rights Agreement“), pursuant to which the Company granted Agnico, among other things, a right (the “Right of appointment“) to appoint one person (and in the case of an increase in the size of the board of directors of the Company to eight directors or more, two persons) to the board of directors of the Company, provided that Agnico maintains certain ownership thresholds in the Company and meets certain other conditions.January 18, 2022, Agnico and the Company have amended and restated the Investor Rights Agreement to replace the right of nomination with certain observer rights, which will allow Agnico to appoint a person to attend and observe meetings of the Board of Directors. administration of the Company, provided that Agnico retains certain threshold ownership in the Company and meets certain other conditions. As a result of the amendments to the Investor Rights Agreement, Agnico is no longer a Principal (as defined in Exchange Policies) of the Company, and the Common Shares held by Agnico are not subject to the escrow under the Escrow Agreement.

The foregoing disclosure with respect to the Escrow Agreement, Escrowed Securityholders and Escrowed Securities supersedes and supersedes all prior disclosures by the Company with respect thereto, to the extent of any inconsistency.

About Western Exploration Inc.

Western Exploration Inc. is a well capitalized,Nevada-former exploration-focused metal exploration company, aiming to be a leading gold and silver development company inNorth America. The company was born out of a 25-year history of advancing exploration projects inNevadaas a private company. Its main asset is the Aura Gold Silver project located inElko County, Nevadaabout 120 kilometers north of the city ofElko, Nevada.

Caution Regarding Forward-Looking Information

Certain statements contained in this press release may be consideredforward-looking statements” within the meaning of applicable Canadian and United States securities laws.forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.research statements. Cheekylooking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate” , “continue” or the negative or comparable terminology, as well as the terms usually used in the future and in the conditional, are intended to identifyresearch statements. Information contained in the frontforward-looking statements (including, without limitation, with respect to the expected trading date of the Common Shares on the Exchange), are based on certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of current conditions and expected future developments and other considerations deemed appropriate in the circumstances. The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the Company’s control, may ultimately prove to be incorrect as they are subject to risks. and uncertainties. that affect the Company and its activities.

the frontThe forward-looking statements set forth herein regarding the Company reflect management’s expectations as of the date of this press release and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.




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