West High Yield Resources (TSXV:WHY) announces that it is proposing to complete a non-brokered private placement of up to $1,500,000 of units (“Units”). Each Unit shall be issued at a price of $0.30 and shall 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 shall entitle the holder to purchase one additional Common Share at an exercise price of $0.45 for a period of one year from the date of issuance of the Warrant. The proposed private placement is subject to receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.
The net proceeds of the private placement will be used for general corporate purposes, environmental study and mine plan development as required by the Environmental Assessment Certification and Mine Permit application processes.
In June 2016, the Company commenced work on the environmental study, stakeholder engagement, and mine plan development on the Company’s Record Ridge South Magnesium Property as required by the Environmental Assessment Certification and Mine Permit application processes. The Company engaged SRK Consulting (Canada) Inc. (Vancouver) and Greenwood Environmental Inc. (Vancouver) to work on these projects. The Company also engaged Drinkard Metalox, Inc. of Charlotte, North Carolina to perform a series of hydrometallurgical tests on the Company’s magnesium ore to evaluate magnesium processing and recovery alternatives.
The Company issued its Preliminary Economic Assessment on the Record Ridge South Magnesium Property in South Eastern British Columbia on June 4, 2013, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval and can be accessed through the internet at www.sedar.com.
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.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the terms of the proposed non-brokered private placement of Units and the proposed use of proceeds. 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; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the 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.
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.