03:20:51 EDT Wed 15 May 2024
Enter Symbol
or Name
USA
CA



West Mining Corp (2)
Symbol WEST
Shares Issued 6,146,230
Close 2023-12-14 C$ 0.22
Market Cap C$ 1,352,171
Recent Sedar Documents

West Mining closes $150,000 private placement

2023-12-15 16:51 ET - News Release

Mr. Nader Vatanchi reports

WEST MINING CLOSES PRIVATE PLACEMENT

West Mining Corp. has closed its previously announced non-brokered private placement, raising gross proceeds of $150,000 through the issuance of three million units at a price of five cents per unit. Each unit consists of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one common share at an exercise price of 6.5 cents until Dec. 15, 2025. Securities issued under the financing are subject to a four-month hold period in accordance with applicable Canadian securities laws, which expires April 16, 2024.

The company intends to use the proceeds of the financing for general working capital. No finder's fees were paid in connection with the financing.

The company also announces that it will not be proceeding with its previously announced settlement of $37,500 of debt owed to an arm's-length third party. The debt will remain on the company's books, and the company and the third party intend to explore options to repay or otherwise settle the debt in early 2024.

Nader Vatanchi, the company's chief executive officer, said: "we are pleased to close this financing as we look ahead to next year. Management and the board of directors decided to limit the amount of the financing to $150,000 and to not proceed with the debt settlement in order to reduce dilution to existing shareholders. Management and the board of directors intend to consider a number of strategic initiatives in early 2024, including possibly a follow-on financing transaction and/or a debt-settlement transaction. We look forward to providing further updates in due course."

About West Mining Corp.

West Mining is a mineral exploration company acquiring and developing advanced- and early-stage exploration projects. It is fully focused on its 100-per-cent-owned, 9,000-hectare prospective Kena project located near Nelson, B.C. The Kena project comprises three adjoining properties: Kena, Daylight and Athabasca. A recent National Instrument 43-101 resource estimate for Kena gave 561,900 ounces gold indicated and 2,773,100 ounces gold inferred in the Gold Mountain, Kena gold and Daylight zones. The Kena property also hosts the large Kena copper zone, along with the historic Euphrates and Gold Cup gold-silver mines. The Daylight property contains the historic past-producing Daylight, Starlight, Victoria, Irene and Great Eastern gold mines. Along trend to the north is the Athabasca property, with the historic Athabasca gold mine. The historic mines and known mineralized zones on these three properties are structurally controlled along a 20-kilometre strike as identified by strong geophysical signatures.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.