The Conversation (0)
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Top Stocks
Top Resource Stocks
Top Tech Stocks
Top Life Science Stocks
Trending
Trending Articles
Trending Press Releases
Trending Companies
Trending Reports
Resource
Popular Lists
Investing Ideas
Outlook Reports
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
Investing Guides
Tech
Popular Lists
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
Investing Ideas
Outlook Reports
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
Investing Guides
Life Science
Popular Lists
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
Outlook Reports
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Investing Guides
West High Yield Surges After Selling Magnesium Assets for $750 million
Oct. 05, 2017 04:25PM PST
Critical Metals
West High Yield closed up more than 400 percent on Thursday after announcing the sale of its magnesium assets to a US buyer.
Junior miner West High Yield Resources (TSXV:WHY) closed up more than 400 percent on Thursday (October 5) after announcing the sale of its magnesium assets for US$750 million.
The company said it has reached an agreement to sell its interests in the Record Ridge South, Midnight and OK mineral properties to Maryland-based Gryphon Enterprises.
“The proposed transaction is great for our shareholders who have been supportive and patient in this very long and arduous process,” said Frank Marasco, president and CEO of West High Yield.
West High Yield’s share price spiked almost 1,000 percent after the statement was released Thursday morning. The deal shows the company’s share price has been suppressed for the past four years due to poor market conditions for junior miners, Marasco told Bloomberg.
The assets sold are located near Trail in BC, just north of the Washington state border. “If you calculate the three sections of the land, there is about 3,000 years of supply” of magnesium that can be extracted from the property, Marasco added.
Magnesium is a key industrial metal that is 40 percent lighter than aluminum, but as strong as steel. It is crucial for strengthening aluminum alloys.
According to Roskill, global growth in the magnesium market is expected to average 3.4 percent per year, reaching almost 1.2 million tonnes per year by 2020. The firm expects aluminum alloys and die casting to be the fastest-growing markets at about 4 percent per year each.
West High Yield plans to call a special meeting of its shareholders in December to seek approval for the deal.
On Thursday, the company’s share price closed in Toronto at C$2, up 455.56 percent. West High Yield’s share price has jumped 2,025 percent since January.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: West High Yield Resources is a client of the Investing News Network. This article is not paid-for content.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.