West High Yield closes final tranche of financing

Jan 25, 2019

2019-01-24 15:06 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT

West High Yield (W.H.Y.) Resources Ltd. has completed the second and final tranche of its previously announced non-brokered private placement of units. The company issued 709,666 units at a price of 30 cents per unit for gross proceeds of $212,899.80 under the second tranche. In aggregate, the company issued 1,676,332 units for gross proceeds of $502,899.60 under the private placement. Each unit consists of one common share in the capital of the company and one-third of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of 50 cents 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.

In connection with the second tranche of the private placement, the company paid a cash finder’s fee of $7,950 to an eligible arm’s-length party. The private placement is subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.

Based on the proceeds raised under the offering, approximately $275,000 of the net proceeds are expected to be used for the continuation of the environmental baseline study, environmental assessment study, mine plan, permit application and industrial mineral mine permit application for the company’s Record Ridge deposit near Rossland, B.C., and the balance of the net proceeds will be used for general corporate purposes. Although the company intends to use the proceeds of the offering as described herein, the actual allocation of proceeds may vary from the uses set out herein depending upon future operations, events or opportunities.

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

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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