West High Yield (W.H.Y.) Resources Ltd. (the “Company”) (TSXV:WHY) announces that it proposes to complete a non-brokered private placement of Units (“Units”).
West High Yield (W.H.Y.) Resources Ltd. (the “Company”) (TSXV: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 $0.45 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 11,200,000 Units will be issued at a price of $0.25 per Unit for gross proceeds of up to $2,800,000.
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 $2,500,000 of the net proceeds are expected to be used for the 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 the Kingston Process Metallurgy Inc. Pre-Feasibility Study Stage 2 discussed in the Company’s press release of May 1, 2019 and 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.
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, the proposed use of proceeds and the Company’s business plans. 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.
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.