Mr. Nader Vatanchi reports
WEST MINING OPTIONS KENA PROPERTY TO UPSIDE GOLD CORP
West Mining Corp. has executed an option agreement with Upside Gold Corp., dated as of Jan. 20, 2025, pursuant to which West has granted the optionee an option to acquire a 100-per-cent interest in and to the company's Kena property.
Nader Vatanchi, chief executive officer of West Mining, said: "This option to Upside Gold gives West Mining the flexibility we need as we advance our Spanish Mountain and Junker projects. Additionally, with the work commitments Upside Gold has planned, we believe that both companies will benefit from this transaction."
Under the option agreement, the optionee has the option to acquire a 100-per-cent interest in and to the company's Kena property by:
- Making aggregate cash payments of $2-million to West Mining ($250,000 on or before March 6, 2025; an additional $250,000 on or before July 20, 2025; an additional $250,000 on or before Jan. 20, 2026; an additional $500,000 on or before Jan. 20, 2027; and an additional $750,000 on or before Jan. 20, 2028);
- Issuing an aggregate of $3-million worth of common shares of the optionee to West Mining ($1-million worth of shares on or before July 20, 2025; an additional $500,000 worth of shares on or before Jan. 20, 2026; an additional $500,000 worth of shares on or before Jan. 20, 2027; and an additional $1-million worth of shares on or before Jan. 20, 2028);
- Making $3.5-million in exploration expenditures on the Kena property on or before Jan. 20, 2028.
The optionee is private corporation incorporated in Alberta and is arm's length to West Mining. Any optionee shares issued to West Mining under the option agreement will have a deemed value of 20 per cents share, provided, however, that: if the shares have been listed on a stock exchange for at least 30 days prior to any issuance of such shares, then the deemed value of the shares issued under the option agreement will be based on the 30-day volume weighted average price of the shares on such exchange prior to the issuance of such shares; and if the shares have not been listed on a stock exchange for at least 30 days prior to the issuance of such shares, but the optionee has conducted an equity financing under which the optionee's shares are issued at a price other than 20 cents per share, then the deemed value of the shares issued under the option agreement will be equal to the price per share under the equity financing. Any optionee shares issued by the optionee to West Mining will be subject to any hold periods or escrow conditions imposed by applicable securities laws or the policies of any stock exchange on which such shares are listed.
About West Mining Corp.
West Mining is a mineral exploration company currently exploring for copper, gold and silver on its 100-per-cent-owned Junkers property in north-central British Columbia and its 100-per-cent-owned Spanish Mountain West property in central British Columbia. West Mining also holds a 100-per-cent interest in the Kena property, which it has optioned to Upside Gold.
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