West High Yield completes $500K 2nd tranche financing
2022-01-19 16:46 ET – News Release
Mr. Frank Marasco reports
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES CLOSING UNDER EQUITY FACILITY WITH ALUMINA PARTNERS
West High Yield (WHY) Resources Ltd. has completed a second tranche closing under the drawdown equity financing facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners LLC. Terms of the facility were set forth in the company’s news release dated Dec. 14, 2021.
Under the closing of the second tranche, the company issued 925,925 units to Alumina at a price of 54 cents per unit for gross proceeds of $500,000. Each unit consists of one common share of the company and one share purchase warrant. The subscription price of the units is based on the maximum allowable discounted closing price of the shares on the TSX Venture Exchange as reflected in the Form 4A filed with the TSX Venture Exchange by the company on Jan. 12, 2022. Each warrant in the second tranche is exercisable into one additional share at a price of 83.75 cents for 36 months from the date of closing. The closing of the second tranche is subject to the approval of the TSX-V. All securities issued pursuant to the second tranche are subject to the statutory hold period that expires four months and one day from their issuance.
As previously noted in the company’s news release dated Dec. 14, 2021, the company intends to use the funds under each tranche closing of the facility to move forward with its prefeasibility study stage-3 including the detailed design and economic evaluation of its demonstration plant, and to make preparations for mining of the magnesium ore in 2022 at its Record Ridge magnesium deposit in Rossland, B.C., Canada.
About West High Yield (WHY) 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 deposit using green processing techniques to minimize waste and CO2 (carbon dioxide) emissions.
We seek Safe Harbor.
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