West High Yield Arranges $25,000 US Debenture Financing

West High Yield Resources (TSXV:WHY) announced it has arranged a non-brokered private placement of up to $25,000 (U.S.) of convertible debentures.
As quoted in the press release:

Each unit is a $12,500 (U.S.) unsecured convertible debenture with a one-year term from the date of issue, earns interest at 12 per cent per annum and is convertible into common shares at a conversion price of 30 U.S. cents at the holders’ discretion throughout the term. The private placement is subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange. The proceeds of the private placement will be used for consulting fees associated with a proposed agreement with an investment banking advisory firm based in the United States to support the company’s effort to secure capital to develop its Record Ridge magnesium project.

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