03:47:34 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



West High Yield (WHY) Resources Ltd
Symbol WHY
Shares Issued 89,477,621
Close 2024-02-26 C$ 0.25
Market Cap C$ 22,369,405
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West High Yield arranges $925,000 private placement

2024-02-26 16:02 ET - News Release

Mr. Frank Marasco reports

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT OFFERING AND MARKETING/PR AGREEMENT

West High Yield (W.H.Y.) Resources Ltd. has arranged a non-brokered private placement offering for the sale of up to 3.8 million units of the company at a price of 25 cents per unit for aggregate gross proceeds of up to $925,000. The company has engaged Outside The Box Capital Inc. (OTBC) to provide marketing services to the company in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange pursuant to the terms of a marketing agreement.

Offering

Each unit issued under the offering will consist of one common share of the company and one common share purchase warrant. Each warrant, together with 35 cents, will entitle the holder thereof to acquire one additional common share for a period of 12 months from the date of issuance. The warrants will not be listed on the TSX-V. The company may pay a finder's fee in connection with the offering to eligible finders in accordance with the policies of the TSX-V and applicable Canadian securities laws consisting of: (i) a cash commission of up to 6 per cent of the gross proceeds of the offering; and (ii) common share purchase warrants of up to 6 per cent of the number of units issued under the offering. The finder warrants 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.

The proceeds from the offering will be used for supporting the company's pilot testing project, concluding its permitting process, covering essential operations, and for 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 TSX-V.

Marketing agreement

Pursuant to the marketing agreement, OTBC will provide marketing and distribution services to communicate information about the company to the public. In consideration for the provision of the services by OTBC under the marketing agreement, West High Yield has agreed to pay OTBC a fee of $60,000. The marketing agreement has a fixed term, expiring on Aug. 12, 2024, and the marketing agreement shall expire on such date unless the parties desire to renew the terms and term of the marketing agreement thereafter.

About West High Yield (W.H.Y.) Resources Ltd.

West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral magnesium, silica and nickel deposits using green processing techniques to minimize waste and CO2 (carbon dioxide) emissions.

The company's Record Ridge magnesium deposit located 10 kilometres southwest of Rossland, B.C., has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101, Standards of Disclosure for Mineral Projects, preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.

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