West High Yield arranges two private placements
2020-10-07 09:37 ET – News Release
Mr. Frank Marasco reports
WEST HIGH YIELD ANNOUNCES PRIVATE PLACEMENTS
West High Yield (WHY) Resources Ltd. has arranged two non-brokered private placements.
The first Offering is a Flow-Through Private Placement of up to $2,100,000 for 7,000,000 Units of the Company comprised of 7,000,000 Common Shares issued on a flow-through basis and 7,000,000 Common Share Purchase Warrants (the “Warrants”). Each Unit is priced at $0.30 per Unit with $0.30 allocated to each Common Share. The Warrants expire 12 months from the date of issue and two (2) Warrants together with $0.40 will entitle the holder to acquire one (1) additional Common Share of the Company.
The second Offering is a Private Placement of up to $1,500,000 for 7,500,000 Units of the Company comprised of 7,500,000 Common Shares and 7,500,000 Common Share Purchase Warrants (the “Warrants”). Each Unit is priced at $0.20 per Unit. The Warrants expire 12 months from the date of issue and two (2) Warrants together with $0.30 will entitle the holder to acquire one (1) additional Common Share of the Company. The minimum subscription on both Offerings is $5,000.
The proceeds from the sale of the Units pursuant to the Offerings will be used primarily to fund the completion of the Company’s approved drilling program of up to 20,000 meters (22 holes) on the Company’s Midnight Gold Claim located in the Rossland Gold Camp in British Columbia. A portion of the proceeds will also be used to fund the completion of the application by the Company to the BC Department of Mines for the mining permit for the Record Ridge Magnesium/Nickel Mine located in Rossland, British Columbia and for general working capital.
The Industrial Quarry Permit sought under the BC Mines Act will allow for the extraction and sale of up to 249,999 tonnes per annum of industrial rock. The Company is also in the process of developing a pilot plant processing facility to upgrade the magnesium ore on its Rossland property to ultra-high purity (99%) Magnesium Oxide product.
The Rossland Gold Camp historically produced over 2.76 million ounces of recovered Gold and 3.52 million ounces of recovered Silver. Historical gold production, geological work and drill holes previously conducted by the Company reinforce the potential of the Midnight Gold Claim.
Closing of the Offerings is anticipated to occur on or before November 18, 2020 and is subject to final receipt and approval of the TSX Venture Exchange (the “TSXV”). Finder’s fees may be payable to qualified agents in appropriate circumstances in connection with the Offerings.
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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