West High Yield closes $289,999 tranche of financing

Dec 22, 2018

2018-12-21 14:16 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT

West High Yield (W.H.Y.) Resources Ltd. has completed the first tranche of its previously announced non-brokered private placement of units. The company issued an aggregate of 966,666 units at a price of 30 cents per unit for gross proceeds of $289,999.80. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-third of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.50 for a period of one year from the date of issuance of the Warrant. All of the securities issued under the private placement are subject to a four month resale restriction.

The Company announces that the TSX Venture Exchange has consented to the Company extending the final closing of the proposed private placement to a date that is on or before January 23, 2019. The private placement is subject to receipt of all necessary regulatory approvals including final approval of the TSX Venture Exchange.

As previously disclosed, assuming the maximum offering is completed, approximately $1,200,000 of the net proceeds are expected to be used for the continuation of the environmental base line study, environmental assessment study and mine plan and permit application and Industrial Mineral Mine Permit application for the Company’s Record Ridge deposit near Rossland, British Columbia and the balance of the net proceeds will be used for general corporate purposes. If the offering is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the board of directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

About West High Yield

West High Yield is a publicly traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold, nickel and magnesium properties.

We seek Safe Harbor.

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