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Western Atlas Resources Announces Non-Brokered Private Placement

Not for distribution to U.S. news wire services or dissemination in the United States

VANCOUVER, British Columbia, March 05, 2019 (GLOBE NEWSWIRE) -- Western Atlas Resources Inc. (“Western Atlas” or the “Company”) (TSXV: WA), announces a non-brokered private placement offering (the "Offering") of up to $3,000,000. The Offering will consist of the sale of flow-through and non-flow-through units at a price of $0.10 and $0.085 per unit respectively. Each unit will consist of either:

  1. One flow-through share and one-half (1/2) of a non-flow-through common share purchase warrant.  Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.20 for a period of two years from the closing of the Offering.

  2. One non-flow-through share and one-half (1/2) of a non-flow-through common share purchase warrant.  Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.20 for a period of two years from the closing of the Offering.

The proceeds of the private placement will be used for the exploration of the Company’s Meadowbank project in Nunavut, the potential addition to the Company’s exploration portfolio of one or more properties located in different jurisdictions and for general administrative expenses.  The proceeds from the sale of flow-through units will be used for Canadian Exploration Expenses, and will qualify as "flow-through mining expenditures", as defined in the Income Tax Act (Canada).

Finder's fees or brokers' commissions may be paid in accordance with TSX Venture Exchange policies.

The closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

About Western Atlas

The Company is publicly listed on the TSX Venture Exchange under the symbol WA. Western Atlas is focused on the acquisition and development of scalable precious metals projects in premier mining jurisdictions. Western Atlas’s wholly-owned subsidiary, 5530 Nunavut Inc., which was incorporated under the laws of Nunavut, and registered under the Business Corporations Act (Northwest Territories) on November 24, 2016, holds its interest in the Meadowbank mineral properties located in Nunavut, Canada.

For further information, please visit our website at www.westernar.com or contact:

Fabio Capponi, Chief Executive Officer

604-256-4777 or info@westernar.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans; the receipt of the requisite approvals with respect to the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in Western Atlas’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Western Atlas believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Western Atlas disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Reader Advisory

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

/EIN News/ --


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