West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is pleased to announce that, further to its news release dated August 29, 2024, the Company had a productive forward-focused meeting with the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (the "EMLI") on September 4, 2024 (the "EMLI Meeting"). During this meeting, the Company outlined its revised permit application (the "Amended Application") for carrying out the extraction and production of critical minerals (the "RRIMM Project") at its Record Ridge Industrial Mineral Mine (the "RRIMM"), which included a reduction in the proposed tonnage output to fall under the threshold set by the British Columbia Environmental Assessment Office ("EAO") for reviewable projects for Mineral mines.
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West High Yield (W.H.Y.) Resources Ltd. Announces Amended Permit Submission
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is pleased to announce that, further to its news release dated August 29, 2024, the Company had a productive forward-focused meeting with the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (the "EMLI") on September 4, 2024 (the "EMLI Meeting"). During this meeting, the Company outlined its revised permit application (the "Amended Application") for carrying out the extraction and production of critical minerals (the "RRIMM Project") at its Record Ridge Industrial Mineral Mine (the "RRIMM"), which included a reduction in the proposed tonnage output to fall under the threshold set by the British Columbia Environmental Assessment Office ("EAO") for reviewable projects for Mineral mines.
The Company is also pleased to report that its consultants acted expeditiously and submitted the Amended Application to EMLI on September 17, 2024. In addition, fulsome responses to all previous comments from the British Columbia Mine Development Review Committee ("MDRC") had already been satisfactorily submitted.
During the EMLI Meeting, the Company outlined its updated approach, which involves reducing the RRIMM Project's annual tonnage to 63,500 metric tonnes to remain below 15% of the 75,000 metric tonnes annual threshold set by the EAO for a mineral mine, alongside minor adjustments to the overall mine plan for the RRIMM. EMLI Meeting participants encouraged the Company to proceed with these revisions. The Amended Application is now awaiting review by the MDRC, which will provide feedback and outline the next steps in the permit process for the RRIMM.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report (titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada") prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company's profile at https://www.sedarplus.ca.
Qualified Person
Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
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Investor Insight
West High Yield’s advanced-stage Record Ridge magnesium mine project backed by a compelling pre-feasibility study, in the final stages of the technical review of the permit application and has the support of the Osoyoos Indian Band, are some of the strong factors that merit investor attention.
Overview
West High Yield (TSXV:WHY,FSE:W0H) is an exploration and development mining company focusing on critical minerals with a high-grade magnesium/silica/nickel project nearing production. The company’s Record Ridge property project leverages the opportunity to create a new supply of magnesium outside of China and Russia. West High Yield has an experienced management team ready to bring its project to production.
Demand for magnesium is growing in multiple verticals, including the renewable energy sector and pharmaceutical industry. In addition, magnesium is a necessary mineral to reach global net-zero emissions goals by 2050. These global dynamics highlight the need to develop an on-shore, secure and strategic critical mineral domestic supply chain for magnesium/silica/nickel amid continuing supply shortages.
No matter what decarbonization path one follows, the metals and mining sector that mines and processes critical minerals will be at the core of enabling the energy transition that underpins modern society.
West High Yield’s advanced 100-percent-owned Record Ridge magnesium project in British Columbia, Canada is poised to create a secure, strategic domestic supply chain to cater to North America’s magnesium demand. The company is currently awaiting permits to begin production. Once production commences, West High Yield will start generating cash flow through the sale of ore and will seek additional offtake agreements.The Record Ridge asset has one of the largest and highest-grade magnesium/silica deposits in North America, and globally. The company’s resource estimate shows 43 million tonnes (Mt) of ore at 24.6 percent magnesium, which implies a world-class asset containing 10.6 Mt of magnesium. In addition, West High Yield’s pre-feasibility study indicates strong economics with an after-tax NPV of 5 percent of $872 million, an internal rate of return (IRR) of 72 percent over a 172-year mine life, and payback in 1.5 years.
Additionally, the company has developed a green mining and refinement process to minimize carbon emissions during production. This green process utilizes over 90 percent of the ore extraction, not only of magnesium but saleable quantities of silica, nickel and iron. Magnesium is widely used in renewable energy technologies, so maintaining a strong ESG rating is essential for downstream manufacturing.
WHY continues to consult with the local community and the government throughout the permitting process for Record Ridge. In July 2023, the company announced a series of mitigation strategies to address concerns that have been raised through the public engagement process, including: substituting the use of explosives with mechanized equipment for ore extraction; implementing enclosed environments for crushing equipment to effectively manage dust and noise; and exploring the option for an alternative trucking route to avoid passing through the city streets of Rossland, BC.
In addition, WHY has signed a cooperation agreement with the Osoyoos Indian Band (OIB) with respect to the Record Ridge Project, which falls within OIB’s asserted territory. The agreement assures OIB’s oversight of the project to protect its people’s environmental and economic interests.Record Ridge magnesium mine project general plan
An experienced management team with expertise throughout the mining industry leads the company towards fully leveraging its promising asset. Experts in geology, corporate administration and engineering create confidence in the team’s ability to reach its goals.
Company Highlights
- West High Yield (TSXV:WHY,FSE:W0H) is an exploration and development mining company focusing on its advanced-stage critical mineral magnesium/silica/nickel asset nearing production.
- The company’s flagship Record Ridge asset has the potential to strengthen and secure the North American on-shore critical mineral magnesium/silica/nickel supply chain and reduce dependence on China and Russia’s production.
- Magnesium is used throughout several verticals, such as aerospace, clean energy, and pharmaceuticals, and as a potential disrupter in the battery segment. These multiple applications of critical minerals continue to widen the gap between growing demand and dwindling supply creating an opportunistic tailwind for WHY Resources and the development of the Record Ridge project.
- Silica has been added as a critical mineral to the Department of Energy’s US list of critical minerals in demand for the safe and secure domestic manufacturing supply chain.
- Mining permit application for Record Ridge is progressing and in the final stages of technical review, as WHY continues to work with the Indigenous nations, local community, and the government to ensure that Record Ridge becomes the best project possible for both the company and the community.
- West High Yield has completed a pre-feasibility study indicating robust economics that encourages the company to move forward.
- The company prioritizes clean energy operations to reduce emissions and ensure a positive ESG rating, creating low-cost, high-pedigree magnesium/silica/nickel products that result in virtually no CO2 emission.
- West High Yield announced the listing of its common shares on the Frankfurt Stock Exchange (FSE) under the trading symbol "W0H"
- An experienced management team leads the company toward fully realizing the potential of its assets.
Key Project
Record Ridge Magnesium Mine
Record Ridge commercial proprietary hydrometallurgical process
The 100-percent-owned Record Ridge project covers 8,972 hectares, approximately 7.5 kilometers west to southwest of Rossland, BC. The project is only 5 kilometers away from the US-Canadian border and has excellent regional infrastructure, including power, water, roads, proximate labor force and transportation. Permit application process is currently underway.
Project Highlights:
- Nearing Production: The advanced-stage project is currently in the final technical review required for the mining permit to initiate production. Once production commences, the company will begin generating cash flow through the sale of ore. West High Yield will also seek out new offtake agreements and with positive cash flow begin moving towards capitalizing on the property’s gold deposits.
- Encouraging Pre-feasibility Study: West High Yield’s pre-feasibility study (PFS) also indicates impressive economics, demonstrating an IRR of 72 percent over a 172-year mine life, an after-tax NPV of 5 percent of $872 million, and payback in 1.5 years. The completed PFS allows the company to move forward with production with complete confidence in future revenue.
- Sustainable Production with Minimal Carbon Emissions: The HCI leaching process the company will be using produces minimal CO2 emissions. The company’s specific process was developed to produce virtually no waste and low environmental impact. These efforts result in a top-tier ESG rating that will reflect on downstream manufacturers.
- Indigenous Community Collaboration: A cooperation agreement with the Osoyoos Indian Band (OIB) with respect to the Record Ridge Project, which falls within OIB’s asserted territory, assures OIB’s oversight of the project to protect its people’s environmental and economic interests.
Management Team
Frank Marasco Jr. - Founder, President, CEO and Director
Frank Marasco is the founder of West High Yield Resources. Marasco is also president and director of Big Mountain Development Corp. Over the course of 45 years, Marasco has built and sold 47 successful businesses, including hotels, motels, rental units, RV and mobile home parks, apartments, retail liquor stores, pubs, nightclubs and a retail mall. At the age of 47, he retired, later going into business in the oil and mining sectors. He had purchased 81 oil and gas development sections in S.E. Saskatchewan in the Bakken, as well as gold mines in Rossland, BC. After briefly exploring for and finding gold on the project, Marasco and his team then discovered what is now a world-class, 2,000-acre, high-grade, low-cost, critical mineral magnesium deposit known as Record Ridge.
Barry Baim - Director and Corporate Secretary
Barry Baim brings over 35 years of activating and inspiring teams to achieve profitable revenue growth. His senior leadership experience is diverse having held executive positions with both private and public companies including Tier one CPG and in the natural resource sector mining site development projects in oil sands, 3d seismic, logistics, remote lodging, and other service-related entities in energy, oil, and gas. Baim is currently a director for SGV Canada and a past board member with Millennium Seismic, Paradigm Chemical Technologies and Siksika Resource Developments Ltd.
Patricia L. Nelson - Director
Patricia Nelson was controller for Sabre Petroleum's, Petroterra Natural Resources and manager of Financial Control for Suncor. She is the vice-chair and director of the In Situ Oil Sands Alliance, director of Altalink, and director of Optiom Inc. Nelson served 15 years as an elected member of the Legislature of Alberta. She was appointed and served as minister of energy, minister of economic development and tourism, minister of government services, and finally, was appointed minister of finance. She served 12 years as a member of the treasury board and the agenda and priorities committee of the government. An active member of the community, she supports charitable organizations such as the kidney foundation, the cancer foundation, heart and stroke and juvenile diabetes.
Maria Marasco - Director
Maria Marasco is an independent businesswoman who has provided services in corporate restructuring finance, acquisitions, and strategic planning. She is also responsible for overseeing management information systems, human resource strategies, and property management systems.
Shelina Hirji - Chief Financial Officer
Shelina Hirji is a designated accountant with over 38 years of experience in infrastructure construction, oil and gas exploration, and mining. Hirji has been engaged in the oil and gas industry since early 1990, starting with various senior accounting and management roles in both public and private companies with extensive participation in growth opportunities. She has been a key member of the executive management team, assuming a strategic role in the overall management of the company. Hirji's experience in financial management includes financial reporting, corporate accounting, budgeting and forecasting, as well as stewardship of internal controls. Hirji is a member of the Chartered Professional Accountants of Alberta and the advisory committee for the TSX Venture Exchange.
Fouad Kamaleddine - Advisor
Dr. Fouad Kamaleddine is the founder/principal of AIS Inc., an integrated mining consulting partnership that provides technical services to mining companies including processing and metallurgy, project development and engineering studies. He has been an officer and director of many public and private mining companies. Kamaleddine has over 20 years of academic and industry experience with demonstrated success in conducting challenging industrial research leading to several inventions and multiple achievement awards.
James Gregory (Greg) Davison - Senior Geologist, Technical Advisor and Qualified Person
Greg Davison is a professional consulting exploration geologist, technical advisor, qualified person, project generator and manager, and ore mineralogist (exploration and metallurgy). Davison is currently licensed in British Columbia (EGBC) and has over forty-four years of practical field, laboratory and management experience in diverse geological settings. He completed his B.Sc. (honors geology) at Dalhousie University, Nova Scotia (1974-1979) and his M.Sc. (geology) at Brock University, Ontario (1981-1984), and is on the board of directors of TSXV-listed Silver Spruce Resources and Playfair Mining. Davison provides extensive management, operational and applied skills for mineral exploration, including technical analysis of process mineralogy, petrography and ore geology, at all project levels from grassroots through advanced development and mining.
Rick Walker - P. Geologist and P. Engineer
Rick Walker has over 25 years of geological and structural mapping experience in the mineral exploration industry. Walker has a strong background, ranging from structurally complex areas to advanced exploration property definition. In addition, he has worked on a wide variety of deposit types, including porphyries, sedimentary exhalative, volcanogenic massive sulphides, low tonnage vein-type, industrial minerals; gold, silver, base metals, rare to strategic metals and diamonds. Walker has delivered significant geological value throughout his career for companies, ranging from junior to major resource companies, both nationally and internationally.
He has also served as a volunteer for industry-related organizations, serving for 12 years as president of the East Kootenay Chamber of Mines, five years as a director of the BC and Yukon Chamber of Mines (now the Association of Mineral Exploration for BC), on the committee that developed the initial Mineral Exploration Code for BC and as an industry representative in the Commission on Resources and Environment (CORE) process resulting in the East Kootenay Land Use Plan.
Corey Peck - Junior Geologist
Corey Peck is a junior geologist who came to West High Yield Resources in the spring of 2007. He studied at the University of Calgary, where he received a B.Sc. in geology, with a minor in earth science. He has extensive training in both the field and lab settings. His skill set encompasses all aspects of geology, geophysics and geography, with particular emphasis on geotechnical logging, mineralogy and mapping. He currently resides full-time in Rossland, BC.
West High Yield Resources Ltd. Announces Amended Permit Submission
The Company is also pleased to report that its consultants acted expeditiously and submitted the Amended Application to EMLI on September 17, 2024. In addition, fulsome responses to all previous comments from the British Columbia Mine Development Review Committee ("MDRC") had already been satisfactorily submitted.
During the EMLI Meeting, the Company outlined its updated approach, which involves reducing the RRIMM Project's annual tonnage to 63,500 metric tonnes to remain below 15% of the 75,000 metric tonnes annual threshold set by the EAO for a mineral mine, alongside minor adjustments to the overall mine plan for the RRIMM. EMLI Meeting participants encouraged the Company to proceed with these revisions. The Amended Application is now awaiting review by the MDRC, which will provide feedback and outline the next steps in the permit process for the RRIMM.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report (titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada") prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company's profile at https://www.sedarplus.ca.
Qualified Person
Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
Contact Information:
West High Yield (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223893
News Provided by Newsfile via QuoteMedia
West High Yield Resources Ltd. Announces Mine Permit Update, Corporate Update, and Private Placement Offering
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") announces that, further to the Company's news release dated August 15, 2024, it met with Ministry of Energy, Mines and Low Carbon Innovation (the "EMLI") on August 26, 2024 (the "EMLI Meeting") to continue discussions regarding the permit process for carrying out the extraction and production of critical minerals (the "RRIMM Project") at its Record Ridge Industrial Mineral Mine (the "RRIMM") at a reduced throughput. The Company also confirms the commencement of a private placement offering (the "Offering").
Mine Permit Update
The EMLI Meeting focused on exploring the available options for the Company following the British Columbia Environmental Assessment Office (the "EAO") decision as detailed in the Company's news release dated August 15, 2024. During the EMLI Meeting, West High Yield reaffirmed its commitment to pursuing a reduced volume mining permit at this stage. The EMLI Meeting participants provided valuable insights into the options available to the Company, and outlined the next steps necessary for the Company to move forward with the RRIMM Project. The EMLI has scheduled a follow-up meeting on September 4, 2024 for the British Columbia Mine Development Review Committee to review the comments that have been closed off to date and to determine the next steps in the RRIMM permit process.
The Company is confidently advancing towards the finalization of its British Columbia Mines Act permit application to receive the requisite permit for the RRIMM Project (the "Permit"). As detailed to EMLI at the EMLI Meeting, the Company's commitment to transparency remains unwavering as it prepares the RRIMM Project in compliance with the environmental thresholds set by the EAO. With the Permit process at its advanced stage, the Company is confident it will secure the Permit soon. Once the Permit is received, the Company plans to initiate the RRIMM Project development and operation, while also evaluating options for expansion beyond current thresholds, amending the Permit as applicable, and reassessing EAO requirements accordingly.
While West High Yield has identified several concerns regarding the EAO's decisions and management of this process, as noted in the Company's news release dated August 15, 2024, its legal team is actively reviewing its options. Notwithstanding this, West High Yield's primary objective remains clear: securing this Permit and launching the RRIMM Project, and the Company's board, management and consultants are fully committed and resolute in achieving these critical milestones.
Corporate Updates
The Company has ongoing communication with its interested customers who are anxious to see the Permit be awarded. This includes but is not limited to, APG Galaxy Trade and Technology LLC, a Hawaii limited liability company, whom the Company signed a letter of intent with on December 6, 2021 (see the Company's news release dated December 7, 2021), which was subsequently amended on August 17, 2022, to process and extract from the RRIMM the critical minerals available using a commercially green process enhanced by the Company.
In addition, the Company's engagement with ACS Moschner & Co GmbH ("ACS") (see the Company's news release dated October 26, 2023) is also progressing in a positive manner. The Company is in discussion with potential value-added strategic partners and investors introduced by ACS and pursuant to the Company's engagement of ACS to consult on its behalf.
Offering
As also announced, the Company has initiated the Offering, which will be a non-brokered private placement offering for the sale of up to 3,750,000 units of the Company (the "Units") at a price of CAD$0.20 per Unit for aggregate gross proceeds of up to CAD$750,000.00.
Each Unit issued under the Offering will consist of one (1) common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.30, will entitle the holder thereof to acquire one (1) additional Common Share for a period of twelve (12) months from each full Warrant's date of issuance. The Warrants will not be listed on the TSX Venture Exchange ("Exchange").
The Company may pay a finder's fee in connection with the Offering to eligible finders in accordance with the policies of the TSXV and applicable Canadian securities laws consisting of: (i) a cash commission of up to 6% of the gross proceeds of the Offering and (ii) common share purchase warrants (the "Finder's Warrants") of up to 6% of the number of full Warrants issued under the Offering. The Finder's Warrant will have identical terms to the Warrants.
The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable Canadian securities laws. All securities issued under the Offering are subject to a statutory hold period from their date of issue in accordance with applicable Canadian securities laws. None of the Units will be registered under the United States Securities Act of 1933, as amended, and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
The proceeds from the Offering will be used to conclude its permitting process, covering essential operations, general working capital purposes and expenses, and for supporting the Company's planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the EMLI. The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSXV.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report (titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada") prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company's profile at https://www.sedarplus.ca.
Qualified Person
Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
Contact Information:
West High Yield (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221503
News Provided by Newsfile via QuoteMedia
West High Yield Resources Ltd. Announces Closing of Private Placement
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is announces that, further to its news releases dated July 9, 2024 and August 9, 2024, it is closing its previously announced private placement offering (the "Offering") of units (the "Units").
The Company confirms that it issued a total of 435,076 Units for total gross proceeds of $143,575.05 under the Offering. Each Unit consisted of one (1) Common share of the Company (each, a "Common Share") and one half (1/2) of one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.45, entitles the holder thereof to acquire one (1) additional Common Share for eighteen (18) months from each Offering closing date. The Company's news release of August 9, 2024 incorrectly noted that each Unit consisted of one (1) Common Share and one (1) Warrant, and shall be considered corrected by the information contained in this news release.
The proceeds from the Offering have and will be used for concluding the Company's mining permitting process, covering essential operations and general working capital purposes and expenses. The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSX Venture Exchange (the "TSXV").
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report (titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada") prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101.
Qualified Person
Rick Walker, B.Sc., M.Sc., P.Geo., the Company's geologist, is a "Qualified Person" as defined in NI 43-101 and has reviewed and approved the technical information in this news release.
Contact Information:
West High Yield (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220831
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West High Yield Resources Ltd. Outlines Next Steps for the Record Ridge Magnesium Project Mine Permit
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") announces the next steps in the mining permit process for the Company's Record Ridge Industrial Mineral Mine project (the "Project").
The Company received notification from the British Columbia Environmental Assessment Office (the "EAO") that it has now determined the Project is subject to environmental assessment thresholds applicable to mineral mines rather than industrial mineral projects. This occurred despite the Project having been advancing in the regulatory process, with the knowledge of EAO, for years on the understanding and assumption that was not the case.
Because of this determination, the Project would need to reduce operations to under 75,000 tonnes of ore production per year in order to not trigger an environmental assessment under the British Columbia Reviewable Projects Regulation. This is the case even though the Project is nearing the completion of a very robust, multi-year process under a British Columbia Mine Development Review Committee, with extensive agency, local government, Indigenous and public input.
"We are surprised and deeply concerned with this changing of the goalposts at the eleventh hour," said West High Yield's Chief Executive Officer, Frank Marasco Jr. "We also have significant concerns about the manner in which this decision was reached and we are consulting legal counsel to explore all options."
Immediately before posting a related report on its website, the EAO contacted the Company to verbally advise that if the Project were to reduce its production to under 75,000 tonnes per year, an environmental assessment would not be required, and the EAO offered to facilitate a dialogue with other interested ministries to discuss the potential for finalizing the permitting of a smaller scale project. The Company intends to explore such options, without prejudice to any legal rights it may have (which will be considered in parallel).
"While this is not a development we expected or wanted, proceeding at a smaller starting scale may ultimately help ensure broad community support, and we can consider expansions in future in accordance with applicable laws," added Mr. Marasco Jr. "We are steadfastly committed to this Project, our partnership with the Osoyoos Indian band, and the jobs and benefits we can provide local communities."
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral magnesium, silica, and nickel deposits using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
West High Yield (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220070
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Osoyoos Indian Band Limited Partnership Signs Letter of Intent to Construct and Operate Record Ridge Mine
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("WHY Resources" or the "Company") is pleased to announce the signing of a Letter of Intent (the "LOI") with Skemxist Solutions ("SKM") (an Osoyoos Indian Band ("OIB") limited partnership with the Sutherland Group of Companies ("SGC")). The LOI contemplates the provision of road construction, site preparation, mining operations and various support services to the Company for its Record Ridge Industrial Mineral Mine ("RRIMM") near Rossland, British Columbia.
The RRIMM project contains critical minerals essential to the development of Canada's green economy and achievement of its climate change goals. It is projected to produce up to 200,000 tonnes of magnesium ore per annum over an initial two-year period.
"Governments talk a lot about the importance of critical minerals and reconciliation, but WHY Resources is walking the walk here", said OIB Chief Clarence Louie. "So British Columbia needs to move this ahead now - for the benefit of Canada, and for OIB's economic independence. "
The LOI builds on an earlier cooperation agreement signed between the Company and OIB, and follows the OIB's own independent review and continued oversight of the RRIM project, which is located is in the OIB's asserted traditional territory.
"From the outset, we have committed to doing the RRIM project right", said WHY Resources' President and CEO Frank Marasco. "This LOI, and the numerous commitments we have already made to address community input, shows we are serious about that".
Chris Sutherland, founder of Sutherland Group of Companies, stated: "We are excited to partner with West High Yield Resources and the Osoyoos Indian Band on this significant project, and we look forward to getting shovels in the ground."
The Company is in the latter stages of seeking its permits through the BC Mine Development Review Committee, and hopes to conclude negotiation of a definitive agreement with SKM in the weeks ahead.
ABOUT SKEMXIST SOLUTIONS
At Skemxist Solutions, we blend the enduring wisdom of the Osoyoos Indian Band (OIB) with industry expertise, creating a legacy of harmony between tradition and progress. Our commitment extends across various sectors, providing exceptional heavy industry solutions including project consulting, road building & maintenance, drilling & blasting, civil construction, harvesting, marine services, aggregates, and transportation. Website: www.SkemxistSolutions.ca.
ABOUT OSOYOOS INDIAN BAND (OIB)
Rooted in traditional principles of hard work and a deep connection to the land, the OIB has evolved into a thriving business culture. Our location, the richness of our land, and our commitment to engaging with the world contribute to the success of businesses on our traditional territory. The Osoyoos Indian Band Development Corporation plays a crucial role in providing jobs, funding community priorities, and investing in programs and services that enhance the well-being of our people. Website: www.oib.ca.
ABOUT THE SUTHERLAND GROUP OF COMPANIES
The Sutherland Group of Companies is dedicated to solving complex heavy industry problems through integrated management solutions. Since 1995, we have been an integrated network of heavy industry experts, offering a comprehensive range of services spanning equipment, logistics, personnel, and safety. Our domain experts specialize in roadbuilding & maintenance, drilling & blasting, harvesting, chipping & grinding, aggregate sales, marine services, heavy equipment repair, and transportation services. Website: www.TheSutherland.Group.
ABOUT West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposits using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit is located 10 kilometres southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced NI-43-101 Preliminary Economic Assessment technical report prepared by SRK in accordance with the National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213015
News Provided by Newsfile via QuoteMedia
West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Private Placement
West High Yield (W.H.Y.) Resources Ltd. ( TSXV: WHY) ("West High Yield" or the "Company") announces that, further to its news release of July 9, 2024, it has closed the first tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units") on August 9, 2024.
The Closing consisted of the issuance 435,076 Units for gross proceeds of $143,575.05. The Units were issued at a price of $0.33 per Unit, and each Unit consists of one (1) Common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.45, entitles the holder thereof to acquire one (1) additional Common Share for eighteen (18) months from the date of the Closing. All securities comprising the Units issued on the Closing will be subject to a trading hold period expiring four months plus one day from the date of issuance.
The proceeds from the Closing will be used: for supporting the Company's planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the British Columbia Ministry of Energy, Mining, and Low Carbon Innovation; concluding its permitting process; covering essential operations; and general working capital purposes and expenses.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
West High Yield (W.H.Y.) Resources Ltd. Announces Private Placement Offering
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is pleased to announce a non-brokered private placement offering for the sale of up to 4,545,454 units of the Company (the "Units") at a price of CAD$0.33 per Unit for aggregate gross proceeds of up to CAD$1,500,000.00 (the "Offering").
Each Unit issued under the Offering will consist of one (1) common share of the Company (each, a "Share") and one half (1/2) of one (1) Common Share purchase warrant (each, a "Warrant"). Each full Warrant, together with CAD$0.45, will entitle the holder thereof to acquire one (1) additional Common Share for a period of eighteen (18) months from each full Warrant's date of issuance. The Warrants will not be listed on the TSX Venture Exchange ("Exchange").
The Company may pay a finder's fee in connection with the Offering to eligible finders in accordance with the policies of the TSXV and applicable Canadian securities laws consisting of: (i) a cash commission of up to 6% of the gross proceeds of the Offering; and (ii) common share purchase warrants (the "Finder's Warrants") of up to 6% of the number of full Warrants issued under the Offering. The Finder's Warrant will have identical terms to the Warrants.
The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable Canadian securities laws. All securities issued under the Offering are subject to a statutory hold period from their date of issue in accordance with applicable Canadian securities laws. None of the Units will be registered under the United States Securities Act of 1933, as amended, and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
The proceeds from the Offering will be used: (a) for supporting the Company's planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the British Columbia Ministry of Energy, Mining, and Low Carbon Innovation; (b) concluding its permitting process; (c) covering essential operations; and (d) general working capital purposes and expenses. The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSXV.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
10 Top Countries for Magnesite Mining (Updated 2024)
Magnesite plays a key role as a refractory material in steel fabrication, as a catalyst and filler in the production of synthetic rubber and as a material in the production of magnesium chemicals and fertilizers.
The global magnesite market had an estimated value of US$12.37 billion in 2023, and is projected to reach US$14.9 billion in 2028 on rising demand from the construction, chemical, metallurgical and automotive industries.
The US Geological Survey estimates that worldwide magnesite reserves stand at 7.7 billion metric tons (MT). Worldwide, magnesite production reached 22 million MT in 2023, mostly on par with the previous year.
While Russia dominates in terms of magnesite reserves, China leads the world in magnesite production. Here the Investing News Network looks at the top countries for magnesite mining.
1. China
Mine production: 13 million MT
China is the world's top country for magnesite mining by far, accounting for roughly 60 percent of global output. The country's production saw no growth compared to last year's output. The Asian nation is also the principal exporter of the material to the US and many other markets across the world. In 2023, China's magnesite exports to India grew by 9 percent due to increased demand for steel fabrication to supply the latter's infrastructure projects.
China represents a major market for magnesite in its own right, accounting for about 65 percent of total global consumption. However, strict environmental regulations have resulted in the closure of several key magnesite mines.
2. Turkey
Mine production: 1.8 million MT
Next is Turkey, whose magnesite output came to 1.8 million MT in 2023, just 20,000 MT fewer than it produced in 2022. Magnesite production in the country has significantly decreased in recent years, falling from 2.7 million MT in 2017.
Turkey has a long history of magnesite mining, both for export and for use at domestic refractories. Akdeniz Mineral Resources, a joint venture with private company Grecian Magnesite, is a large producer and exporter of caustic calcined magnesite products.
3. Brazil
Mine production: 1.7 million MT
Brazil's magnesite production has remained relatively flat in recent years.
A critical point in Brazil's magnesite industry came in 2017 with the merger of RHI of Austria and Magnesita Refratários of Brazil to form RHI Magnesita, which then became the world's largest refractory materials producer. RHI Magnesita is reported to own the largest magnesite reserves outside of China.
5. Russia
Mine production: 950,000 MT
Russia's magnesite-mining output has dropped significantly in recent years, sinking from 1.5 million MT in 2020 to 950,000 MT in 2023. The country hosts the largest reserves of magnesite in the world, coming in at 2.3 billion MT.
One of the key players in the Russian magnesite space is Magnezit Group, which is actively working to expand production capacity at its Kirgiteiskoye and Talskoye deposits by overhauling existing facilities and building new facilities.
5. Australia
Mine production: 860,000 MT
Australia's magnesite production has risen steadily in the past few years, moving it up from near the bottom of the list of top magnesite-mining countries to the second spot in 2021 with 2.7 million MT. However, the nation recorded a dramatically reduced magnesite-mining output of 860,000 MT in both 2022 and 2023.
Private company Queensland Magnesia (QMAG) is responsible for the bulk of Australia's magnesite production. QMAG, part of the Refratechnik Group, is mining one of the world's largest magnesite mines, the Kunwarara deposit in Central Queensland. An example of a magnesite-focused junior mining company operating in Australia is Lachlan Star (ASX:LSA) with its Princhester magnesite project, also situated in Queensland.
6. Austria
Mine production: 810,000 MT
Austria's magnesite output has remained relatively flat in recent years, ranging from 760,000 MT to 810,000 MT. Austrian magnesite producer Styromag operates five mines in the country; it produces roughly 120,000 MT of material per year.
"In January 2023, an Austria-based magnesia and refractories company acquired a leading refractory producer in China, allowing it to expand production in China and the east Asia region," reported the US Geological Survey.
7. Spain
Mine production: 670,000 MT
Spain's magnesite output has more than doubled since 2016, coming in at 670,000 MT in 2022.
Spain's Magnesitas Navarras is a leading European magnesia producer. In early 2024, the company received government approval for a project that will allow it to operate a new mine in the Erdiz region for 25 years.
8. Slovakia
Mine production: 510,000 MT
Slovakia produced 510,000 MT of magnesite in 2023, a slight decrease of 2,000 MT versus what it produced a year earlier. Slovakian producer SLOVMAG is majority owned by Russia's Magnezit Group. It specializes in mining magnesite ore and producing refractory products from sintered magnesia.
9. Greece
Mine production: 380,000 MT
Greece produced 380,000 MT of magnesite in 2023, on par with the year before. The nation's magnesite mines and production facilities are located on the Chalkidiki peninsula in Northern Greece.
The country is home to one of the top magnesia producers in the world, Grecian Magnesite, which has facilities in Spain, Turkey and the Netherlands. The Turkish subsidiary of the Greece-based magnesia producer is slated to construct a new rotary kiln in 2024, which the US Geological Survey says is expected to double "its current production capacity of caustic-calcined magnesia to around 50,000 tons per year."
10. Saudi Arabia
Mine production: 340,000 MT
Rounding out the list, Saudi Arabia put out 340,000 MT of magnesite in 2023, displacing Iran for the 10th spot on this list. The country's major producer is Ma’aden Industrial Minerals Company, which produces caustic calcined magnesite from its a high-grade magnesite mine at Al Ghazalah.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Securing North America’s Strategic and Critical Magnesium Supply Chain
Comprising roughly two percent of the Earth's crust, magnesium is the eighth most common mineral on the planet. In spite of this abundance, the world has for several years faced a steadily worsening magnesium supply shortage due to increased demand and lack of economic deposits and cost-effective processing.
In 2021, China — historically responsible for supplying roughly 90 percent of the world's magnesium — curbed its magnesium production. The following year, Chinese magnesium production shut down entirely due to high energy costs. These events have had a ripple effect on the global magnesium market, driving home the importance of securing a North American magnesium supply chain.
Mining and exploration companies with compelling magnesium assets in geopolitically stable jurisdictions stand to greatly benefit from this push to shift away from Chinese magnesium — as do investors.
What makes magnesium so important?
Even prior to global electrification, magnesium was an important strategic resource. Because of its low weight, strength, high durability and considerable corrosion resistance, magnesium is frequently used as an alloying agent in the production of aircraft, satellites and rockets. Magnesium has also seen extensive use in the automotive sector, as well as for the manufacture of sporting equipment and consumer electronics.
There are generally two types of magnesium alloy — general-purpose aluminum alloys and specialized alloys that contain minerals such as zinc, thorium and rare earth elements.
Magnesium is also a key component in the production of titanium, hafnium, zirconium and uranium, making it essential to the nuclear power industry. Other historic use cases of magnesium include improving the strength and malleability of white-cast iron, as an incendiary agent in pyrotechnic devices, manufacturing tooling plates for photo engraving, as an insulating material in refractory bricks and supplements such as multivitamins, antacids and laxatives.
These are not the use cases that have people talking, however. In recent years, magnesium batteries have emerged as an incredibly compelling alternative to lithium-based batteries. This is particularly evident with aqueous magnesium batteries — named due to their water-based metal-ion technology.
Magnesium water batteries have a number of significant advantages over other battery technologies, with safety and sustainability chief among them. Because they contain highly flammable materials, conventional batteries tend to be prone to fires and explosions. Water batteries carry no such risk.
Magnesium is also non-toxic and more abundant than most other battery metals. This translates to lower manufacturing costs and greater overall sustainability, particularly where end-of-life disposal is concerned. In spite of these clear benefits, magnesium-based water batteries have traditionally been held back by several factors, including lower voltages and a shorter lifespan.
Researchers are well on their way to solving both of these problems, however. A multinational research team based in Australia's RMIT University, for instance, has managed to produce an aqueous magnesium battery with an energy density of 75 watt-hours per kilogram. Another team in China was able to exponentially improve output, capacity and lifespan with the addition of copper foam.
In Japan, a research team has developed a lightweight, paper-based magnesium air battery that activates when it comes into contact with water. Intended primarily for wearable devices, the battery has a power output roughly 700 times higher than other reported paper batteries of its kind.
With higher charging capacity, safer and less costly than current battery chemistries, manufacturer and consumer adoption of magnesium-based batteries will likely increase due to reduced cost, safety and the elimination of range concerns.
One of the most exciting applications of magnesium in energy generation has little to do with batteries at all. A team of European scientists has potentially discovered how to use magnesium hydride as a hydrogen storage solution. Hydrogen has long been regarded as the perfect fuel, owing both to its high energy capacity and the fact that the only pollution it produces is water vapor. However, storage has proved a consistent challenge.
That's why this discovery is so significant — it could, in the long term, be the lynchpin that enables the widespread use of hydrogen as a fuel source.
Securing a domestic supply
In addition to the European Union, magnesium has been identified as a key strategic resource in both Canada and the US, and the two countries have both taken a similar approach to establishing a safe and secure domestic supply chain for the mineral.
The American government is investing heavily in expanding domestic mining, production, processing and material recycling. These investments are being made with a strong focus on sustainability, job creation and community engagement. Wherever necessary, Indigenous tribes are also being heavily consulted.
Canada's Critical Minerals Strategy hits many of the same notes with only a slightly different focus. In addition to investing in mining and production, the Canadian government also seeks to drive research, innovation and education. The strategy also identifies environmental protection, reconciliation with Indigenous communities and the development of a diverse and prosperous workforce as key objectives.
Ultimately, both strategies have the same end goal — to develop a more prosperous economy by embracing sustainability and reducing over-reliance on exports from countries with long histories of heavy pollution, such as China.
Magnesium projects in North America
Although the domestic North American supply chain for magnesium is still very much in its early stages, several projects have already emerged. We've detailed three of the most prominent below, along with information on the companies behind them.
Record Ridge
Located 7.5 kilometers southwest of Rossland, British Columbia, Record Ridge is an intermediate-advanced stage exploration project fully owned by West High Yield Resources (TSXV:WHY,FSE:W0H). The project contains a verified measured and indicated 10.6 million tons of magnesium, as well as 16 million tons silica and nickel — two other critical minerals currently in short supply. West High Yield's planned extraction process will utilize over 94 percent of the ore and generate near-zero emissions.
Supporting infrastructure for the project, which is at the final stage of a 15 year permit process, is already in place. The mine is expected to begin production sometime in Q3 2024, with a near-term pathway to cash flow potential around the same timeframe. West High Yield is currently exploring additional offtake agreements with any interested parties.
West High Yield has a First Nation Cooperation Agreement in place with the Osoyoos Indian Band, ensuring the support of local Indigenous communities for the project.
Beaver
Spanning 7,528 hectares in South-Central BC, the Beaver magnesium-nickel property is located just 15 kilometers east of Canada's second largest open-pit copper mine, Gibraltar. This prime location affords the project's 100 percent owner, Inomin Mines (TSXV:MINE), access to extensive road and railway infrastructure as well as clean hydroelectric power. An inaugural drilling program in 2021 revealed extensive mineralization in all drill holes, including 252.1 meters grading 20.6 percent magnesium and 0.16 percent nickel.
During further core testing in 2023, Inomin achieved 99 percent magnesium extraction. Following this promising news, the company announced a 2,836 hectare expansion of the project in early 2024. Exploration of the property is ongoing.
Great Salt Lake
The privately held US Magnesium operates what is currently one of the largest single sources of magnesium in North America — located in the Great Salt Lake in Utah. Historically, US Magnesium produced magnesium along with several other critical minerals through solar evaporation-based brine extraction. In recent years, this has become somewhat untenable, owing both to sinking water levels and evidence of the company's significant contributions to Utah's air pollution.
In late 2023, the company settled with the US government for violations dating back to 2015.
Investor takeaway
Though the world faces an ongoing magnesium shortage, a solution rests just over the horizon. Governments and mining companies have been collaborating for multiple years to develop a sustainable domestic magnesium supply. In the process, they have generated — and will continue to generate — a multitude of significant and promising investment opportunities.
This INNSpired article is sponsored by West High Yield (TSXV:WHY,FWB:W0H). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by West High Yieldin order to help investors learn more about the company. West High Yield is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with West High Yield and seek advice from a qualified investment advisor.
West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Private Placement
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces that, further to its news release of February 26, 2024, it has closed the first tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units").
The Closing consisted of the issuance of 2,114,000 Units for gross proceeds of $528,500. The Units were issued at a price of $0.25 per Unit, and each Unit consists of one (1) Common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.35, entitles the holder thereof to acquire one (1) additional Common Share until March 14, 2025. All securities comprising the Units issued on the Closing will be subject to a trading hold period expiring four months plus one day from the date of issuance
The proceeds from the Closing will be used to support the Company in furthering its permitting process and covering general working capital.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that its board of directors approved and authorized the grant of 375,000 stock options (the "Options") to two consultants of the Company effective November 27, 2023.
The Options were granted in accordance with the terms of the stock option plan of the Company. One (1) Option entitles the holder thereof to purchase one (1) common share of the Company (each a "Share" and collectively, the "Shares") at a price of CAD$0.23 per Share for a period of five (5) years from the Option grant date. One-third (1/3) of the Options vested on their date of grant, one-third (1/3) of the Options will vest on the date that is one (1) year from their date of grant and one-third (1/3) of the Options will vest on the date that is two (2) years from their date of grant. The exercise price of the Options was set at CAD$0.23 per Share, being the closing trading price of the Shares on November 27, 2023.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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; and 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.
This press 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.
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 RELEASE.
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