Calgary, Alberta–(Newsfile Corp. – February 12, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (“West High Yield” or the “Company“) is pleased to announce a non-brokered private placement of units (the “Units“) for aggregate gross proceeds of up to CAD$2,500,000 (the “Offering“).
The Offering shall consist of the sale of up to 12,500,000 Units at a price of CAD$0.20 per Unit. Each Unit comprised of one (1) common share in the capital of the Company (“Common Shares“) and one (1) Common Share purchase warrant (“Warrants“). Two (2) Warrants, together with CAD$0.30, will entitle the holder thereof to acquire one (1) additional Common Share of the Company for a period of twelve (12) months from the date of issuance. The Warrants will not be listed on the TSX Venture Exchange (the “TSXV“).
The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable securities law, and it may be closed in one or more tranches. The minimum subscription per subscriber under the Offering is CAD$5,000. The Offering is scheduled to close on or about March 31, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX-V.
The proceeds of the Offering will be used primarily to fund the completion of the Company’s approved drilling program on the Company’s Midnight Gold Claim located in the Rossland Gold Camp in British Columbia. A portion of the proceeds will also be used to fund the completion of the application by the Company to the British Columbia Department of Mines for the mining permit for its Record Ridge Magnesium and Nickel Mine located in Rossland, British Columbia and for general working capital.
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.
West High Yield (W.H.Y.) Resources Ltd.
President and Chief Executive Officer
Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press 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.
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 OF THIS RELEASE.
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