West High Yield arranges $2-million private placement

May 7, 2019

2019-05-07 18:54 ET – News Release

Mr. Frank Marasco reports


West High Yield (WHY) Resources Ltd. proposes to complete a non-brokered private placement of units. 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 45 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 eight million units will be issued at a price of 25 cents per unit for gross proceeds of up to $2-million.

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 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 that the maximum offering is completed, the company expects to use approximately $1.5-million of the net proceeds for the environmental baseline 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, B.C. The balance of the net proceeds will be used for the Kingston Process Metallurgy Inc. prefeasibility study stage 2, discussed in the company’s press release of May 1, 2019, and 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 to be 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.

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 its primary objective being to locate and develop economic gold, nickel and magnesium properties.

We seek Safe Harbor.


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