Western Atlas Resources Scraps Private Placement

Western Atlas Resources (TSE:WA) has released an update.

Western Atlas Resources Inc. has announced the cancellation of its previously planned non-brokered private placement and share consolidation due to a breach of subscription agreements by the investors. Despite commitments, the involved subscribers failed to deliver the agreed-upon funds totalling C$4 million, prompting the company to retain rights for taking necessary action against the breach. Western Atlas, listed on the TSX Venture Exchange, focuses on precious metals projects, including their Meadowbank project in Nunavut.

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