West High Yield closes first tranche of financing

Aug 12, 2024

2024-08-09 16:48 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES FIRST TRANCHE CLOSING OF PRIVATE PLACEMENT

Further to its news release of July 9, 2024, West High Yield (W.H.Y.) Resources Ltd. closed the first tranche of its previously announced private placement offering of units on Aug. 9, 2024.

The closing consisted of the issuance of 435,076 units for gross proceeds of $143,575.05. The units were issued at a price of 33 cents per unit, and each unit consists of one common share of the company and one common share purchase warrant. Each warrant, together with 45 cents, entitles the holder thereof to acquire one additional common share for 18 months from the date of the closing. All securities comprising the units issued on the closing will be subject to a trading hold period expiring four months plus one day from the date of issuance.

The proceeds from the closing will be used for supporting the company’s planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the British Columbia Ministry of Energy, Mining and Low Carbon Innovation; concluding its permitting process; covering essential operations; and for general working capital purposes and expenses.

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

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica and nickel deposit using green processing techniques to minimize waste and CO2 (carbon dioxide) emissions.

The company’s Record Ridge magnesium 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.

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