West High Yield closes settlement agreement with ASC

Dec 21, 2018

2018-12-20 17:08 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD ANNOUNCES CORPORATE DEVELOPMENTS

West High Yield (W.H.Y.) Resources Ltd. plans to close the current tranche of its previously announced non-brokered private placement of units, each comprising one common share and one-third of one common share purchase warrant. Each whole warrant would entitle 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. There is no minimum subscription for this offering and a maximum of five million units will be issued at a price of 30 cents per unit for gross proceeds of up to $1.5-million.

The company also advises that after almost three years of collecting environmental data and extensive mine planning and engineering studies, it is in the process of completing and submitting the company’s application for an industrial mineral mine for its Record Ridge magnesium deposit near Rossland, B.C.

In other developments, the company advises that it has concluded a settlement agreement with the Alberta Securities Commission (ASC) with respect to the resolution of certain issues arising from a news release issued by the company on Oct. 5, 2017. A copy of the settlement agreement is available on the ASC website. The news release issued by the company pertained to a potential transaction for the company to sell all of its mining assets to a United States-based company. On Nov. 3, 2017, the company issued a news release which clarified the sale agreement to sell its assets. Ultimately, the company announced that this transaction was terminated on Nov. 7, 2017. The company also advised that the trading of its shares, which had been halted on Oct. 6, 2017, recommenced on Nov. 9, 2017. The company further advises that the company and its directors and officers co-operated with the staff of the ASC, and the matter was resolved without a hearing under the Securities Act (Alberta). In the settlement, the company acknowledged that it was in breach of certain sections of the act resulting from the Oct. 5, 2017, news release. The company also advises that staff of the ASC did not find any evidence that the company or its directors and officers intentionally made any misleading statements, nor that the company or any of its directors and officers personally received any financial gain, or acted with an intention to receive financial gain, directly or indirectly, in connection with the statements in the Oct. 5, 2017, news release and received partial credit for co-operating with the ASC. In the settlement, the company agreed to pay a monetary settlement of $200,000 and provided an undertaking to ensure that the directors and officers of the company are provided with training in best practices for public company governance and disclosure within one year.

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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