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Enter Symbol
or Name
USA
CA



West High Yield (WHY) Resources Ltd
Symbol WHY
Shares Issued 84,262,051
Close 2023-09-12 C$ 0.28
Market Cap C$ 23,593,374
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West High Yield arranges $900,000 private placement

2023-09-13 15:46 ET - News Release

Mr. Frank Marasco reports

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT OFFERING

West High Yield (W.H.Y.) Resources Ltd. has arranged a non-brokered private placement offering for the sale of up to three million units of the company at a price of 30 cents per unit for aggregate gross proceeds of up to $900,000 (U.S.).

Each Unit will consist of one (1) common share of the Company (each, a "Share") and one (1) Common Share purchase warrant (each, a " Warrant"). Each Warrant, together with CAD$0.35, will entitle the holder thereof to acquire one (1) additional Common Share for a period of twenty-four (24) months from each Warrant's date of issuance. The Warrants will not be listed on the TSX Venture Exchange (the "TSXV"). The Corporation may pay a finder's fee in connection with the Offering to eligible finders in accordance with the policies of the TSXV and applicable Canadian securities laws consisting of: (i) a cash commission of up to 6% of the gross proceeds of the Offering; and (ii) a number of common share purchase warrants (the "Finder's Warrants") of up to 6% of the number of Units sold pursuant to the Offering. The Finder's Warrant will have identical terms to the Warrants.

The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable Canadian securities laws. All securities issued under the Offering are subject to a statutory hold period from their date of issue in accordance with applicable Canadian securities laws. None of the Units will be registered under the United States Securities Act of 1933, as amended, and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The proceeds from the Offering will be used for supporting the Company's pilot testing project, concluding its permitting process, covering essential operations and general working capital purposes and expenses. The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSXV.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.

The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.

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