West High Yield closes $767,189 private placement
WEST HIGH YIELD CLOSES PRIVATE PLACEMENT
West High Yield (WHY) Resources Ltd. has successfully closed its previously announced non-brokered private placement. The private placement was oversubscribed, and the company raised gross proceeds of $767,189.25 through the issuance of 1,704,865 units at a price of 45 cents per unit. Each unit consists of one common share and one common share purchase warrant. Ten full warrants will entitle the holder to purchase one common share of the company at an exercise price of 60 cents for a period of one year from the date of issue. The company paid finders’ fees of $75,369 and issued 145,761 broker warrants to qualified arm’s-length third parties. The private placement is subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange. The proceeds of the private placement will be used for general corporate purposes, working capital and updating the company’s previously released preliminary economic assessment.
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