Western Atlas Resources Inc. announced a private placement of flow-through units at a price of CAD 0.10 per unit and non-flow-through units at a price of CAD 0.10 per unit for gross proceeds of CAD 2,000,000 on April 17, 2023. Each flow-through unit will comprise of one flow-through common share and one-half non-flow-through common share purchase warrant. Each non-flow-through unit will comprise of one non-flow-through common share and one warrant.

Each warrant will entitle the holder to purchase one additional common share at CAD 0.15 per share for a period of two years, subject to accelerated expiry should the common shares trade on the TSX Venture Exchange at a price equal or greater than CAD 0.25 per share for a period of 20 consecutive trading days during the exercise period, the company may accelerate the expiry date of the warrants to 30 calendar days from the date express written notice is given by the company. The company may pay finder's fees or brokers' commissions in the transaction. The private placement is subject to certain conditions, including the approval of the listing and trading of the common shares and the Warrant Shares on the TSX Venture Exchange.

The Company intends to close the Private Placement concurrently with the completion of the Consolidation.