17:31:05 EDT Sun 28 Apr 2024
Enter Symbol
or Name
USA
CA



West High Yield (WHY) Resources Ltd
Symbol WHY
Shares Issued 88,958,682
Close 2023-11-29 C$ 0.235
Market Cap C$ 20,905,290
Recent Sedar Documents

West High Yield closes final tranche of financing

2023-11-29 16:15 ET - News Release

Mr. Frank Marasco reports

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES FINAL CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT

Further to its news releases dated Sept. 13, 2023, Sept. 26, 2023, Oct. 12, 2023, Oct. 26, 2023, and Nov. 2, 2023, West High Yield (W.H.Y.) Resources Ltd. has closed the final tranche of its previously announced private placement offering of units.

The Closing consisted of the issuance of 518,939 Units for gross proceeds of $119,356. The Units were issued at a price of $0.23 per Unit, and each Unit consists of one (1) Common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.35, entitles the holder thereof to acquire one (1) additional Common Share until November 29, 2025.

Two directors and officers of the Company (collectively, the "Insiders") participated in the Closing and purchased 200,000 Units for $46,000. Participation by the Insiders in the Closing and Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of the Insiders' participation in the Closing and Offering.

The Company confirms that it issued a total of 4,056,047 Units for total gross proceeds of $932,890.92 under the multiple closings comprising the Offering. The Company paid a finder's fee of CAD$2,760 and issued 12,000 finder's warrants (each, a "Finder's Warrant") to one finder in respect of the Offering, where each Finder's Warrant, together with CAD$0.35, entitles the finder to acquire one (1) additional Common Share until November 2, 2025.

The proceeds from the Closing and 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.

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.

We seek Safe Harbor.

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