CPE Media News (11/9/2018) – West High Yield (W.H.Y.) Resources Ltd. (TSX-V: WHY) proposed to close a non-brokered private placement of up to 5,000,000 units at $0.30 per unit for gross proceeds of up to $1.5 million. There is no minimum subscription for this offering.
West High Yield (W.H.Y.) Resources intends to proceeds for the continuation of the environmental base line study, environmental assessment study and mine plan and permit application and Industrial Mineral Mine Permit application for its Record Ridge deposit near Rossland, British Columbia and for general corporate purposes.
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News Release
West High Yield Announces Private Placement
CALGARY, Alberta, Nov. 09, 2018 — West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) (TSX-V: WHY) announces that it proposes to complete a non-brokered private placement of Units (“Units”). Each Unit will consist of one Common Share in the capital of the Company (a “Common Share”) and one-third of one Common Share purchase Warrant (a “Warrant”). Each whole Warrant would entitle the holder to purchase one additional Common Share at an exercise price of $0.50 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 5,000,000 Units will be issued at a price of $0.30 per Unit for gross proceeds of up to $1,500,000.
The Company may pay finder’s fees on all or a portion of the private placement to eligible persons seeking subscribers to the financing, all in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”).
The proposed private placement is subject to receipt of all necessary regulatory approvals including the approval of the Exchange. The Company confirms that, as of the date of this press release, there is no “material fact” or “material change” (as those terms are defined under applicable securities laws) related to the Company which has not been generally disclosed.
Assuming the maximum offering is completed, approximately $1,200,000 of the net proceeds are expected to be used for the continuation of the environmental base line study, environmental assessment study and mine plan and permit application and Industrial Mineral Mine Permit application for the Company’s Record Ridge deposit near Rossland, British Columbia and the balance of the net proceeds will be used for general corporate purposes. If the offering is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the board of directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities. The Company also advised that it did not proceed with the private placement previously announced on August 28, 2018.
About West High Yield
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.
For further information please contact:
Frank Marasco
President and Chief Executive Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: frank@whyresources.com
Dwayne Vinck
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 257-2637
Facsimile: (403) 206-7159
Email: vinck@shaw.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Not for distribution in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
