Mr. Frank Marasco Jr. reports
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES FINAL CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT
West High Yield (W.H.Y.) Resources Ltd., further to its news releases dated Feb. 20, 2025, and March 10, 2025, has closed the final tranche of its previously announced private placement offering of units.
The closing
The closing consisted of the issuance of 1,737,899 units for gross proceeds of $399,717. The units were issued at a price of 23 cents per unit, with each unit consisting of one common share of the company and one common share purchase warrant. Each warrant, together with 35 cents, entitles the holder thereof to acquire one additional common share for 12 months from the date of the closing.
The offering
After completion of the closing, the company confirms that it issued a total of 4,669,290 units for total gross proceeds of $1,073,937.33 under the offering. Each unit consisted of one common share and one warrant. Each warrant, together with 35 cents, entitles the holder thereof to acquire one additional common share for 12 months from the date of each closing under the offering. All securities comprising the units issued on the offering are subject to a trading hold period expiring four months plus one day from the date of issuance.
The oversubscription, which is in accordance with the pricing requirements under Policy 4.1, Private Placements, of the TSX Venture Exchange, among other items such as the acceptance and final approval of the offering, remains subject to approval by the TSX-V, which the company has submitted for as of the date of this news release.
The proceeds from the closing have been and will be used by the company to conclude its permitting process, to cover essential operations, and for general working capital purposes and expenses.
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) deposit using green processing techniques to minimize waste and CO2 (carbon dioxide) emissions.
The company's Record Ridge critical mineral 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, as stated in the preliminary economic assessment technical report, titled, "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada," prepared by SRK Consulting (Canada) Inc. on April 18, 2013, in accordance with National Instrument 43-101 and which can be found on the company's profile on SEDAR+.
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