West High Yield closes second tranche of financing

May 15, 2018

2018-05-15 13:24 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT

West High Yield (W.H.Y.) Resources Ltd. has completed the second and final tranche of its previously announced non-brokered private placement of units. The company issued 194,898 units at a price of 35 cents per unit for gross proceeds of $68,214.30 under the second tranche. In aggregate, the company issued 1,604,648 units at a price of 35 cents per unit for gross proceeds of $561,626.80 under the private placement. Each unit consists of one common share in the capital of the company and one-third of one common share purchase warrant. Each whole warrant entitles 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.

All of the securities issued under the private placement are subject to a four-month resale restriction. The private placement is subject to receipt of all necessary regulatory approvals including final approval of the TSX Venture Exchange.

Approximately $461,000 of the net proceeds is 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 flows from operations while continued mine plan and permit application efforts are being made.

About West High Yield (W.H.Y.) 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/

Related Posts

Tags

Share This