West High Yield arranges $1.5-million private placement

Jul 10, 2024

2024-07-09 18:12 ET – News Release

Mr. Frank Marasco reports

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

West High Yield (WHY) Resources Ltd. has arranged a non-brokered private placement offering for the sale of up to 4,545,454 units of the company at a price of 33 cents per unit for aggregate gross proceeds of up to $1.5-million.

Each unit issued under the offering will consist of one common share of the company and one-half of one common share purchase warrant. Each full warrant, together with 45 cents, will entitle the holder thereof to acquire one additional common share for a period of 18 months from each full warrant’s date of issuance. The warrants will not be listed on the TSX Venture Exchange.

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 full warrants issued under 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.

The proceeds from the offering will be used: (a) for supporting the company’s planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the B.C. Ministry of Energy, Mining and Low Carbon Innovation; (b) for concluding its permitting process; (c) for covering essential operations; and (d) 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.

About West High Yield (WHY) 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 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) preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.

We seek Safe Harbor.

https://whyresources.com/