West High Yield extends private placement to May 14

Apr 16, 2018

2018-04-16 16:39 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD EXTENDS PRIVATE PLACEMENT

The TSX Venture Exchange has consented to West High Yield (WHY) Resources Ltd.’s application to extend the closing of its private placement to a date that is on or before May 14, 2018. The proposed private placement remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX-V.

On Feb. 28, 2018, West High Yield proposed to complete a non-brokered private placement of units. There is no minimum subscription for this offering and a maximum of 2,428,571 units are proposed to be issued at a price of 35 cents per unit for gross proceeds of up to $850,000. Each unit will consist of one common share in the capital of the company 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 55 cents for a period of one year from the date of issuance of the warrant.

In connection with the private placement, the company may pay cash finders’ fees and may issue finders’ warrants to eligible arm’s-length parties, all in accordance with the policies of the TSX Venture Exchange. The finders’ warrants that may be issued shall be in a number that is up 7 per cent of the units issued, with each finder’s warrant being exercisable to acquire a common share at a price of 55 cents per share for a period of 12 months from the date of issuance.

As previously disclosed, assuming the maximum offering is completed, approximately $750,000 of the net proceeds are expected to be used for the continuation of the environmental baseline study, environmental assessment study, mine plan and permit application, and industrial quarry permit application for the company’s Record Ridge deposit near Rossland, B.C., and the balance of the net proceeds will be used for general corporate purposes.

The industrial quarry permit sought under the Mines Act (British Columbia) 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 potential customers with processing facilities and the ability to process the industrial rock. It is anticipated that industrial rock sales will provide cash flow from operations while continued mine plan and permit application efforts are being made.

About West High Yield (WHY) 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.

http://whyresources.com/news/2018/