West High Yield (W.H.Y.) Resources Ltd. Announces Final Closing of Oversubscribed Private Placement

Rhea-AI Summary

West High Yield Resources has successfully completed the final closing of its oversubscribed private placement offering. The final tranche consisted of 1,737,899 Units issued at $0.23 per Unit, generating gross proceeds of $399,717. In total, the company issued 4,669,290 Units, raising aggregate proceeds of $1,073,937.33.

Each Unit comprises one Common Share and one Warrant, with each Warrant allowing holders to acquire an additional Common Share at CAD$0.35 within 12 months from the closing date. The securities are subject to a four-month plus one-day trading hold period. The proceeds will fund the company's permitting process, essential operations, and working capital requirements.

Positive

• Successfully raised over $1 million in oversubscribed private placement
• Strong investor interest demonstrated by oversubscription

Negative

• Dilutive impact on existing shareholders through issuance of new shares and warrants
• Additional dilution possible if warrants are exercised within 12 months

Calgary, Alberta--(Newsfile Corp. - March 25, 2025) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (FSE: W0H) (the "Company" or "West High Yield") announces that, further to its news releases dated February 20, 2025 and March 10, 2025, it is closing the final tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units").

The Closing

The Closing consisted of the issuance of 1,737,899 Units for gross proceeds of $399,717.00. The Units were issued at a price of $0.23 per Unit, with each Unit consisting 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 for twelve (12) months from the date of the Closing.

The Offering

After completion of the Closing, the Company confirms that it issued a total of 4,669,290 Units for total gross proceeds of $1,073,937.33 under the Offering. Each Unit consisted of one (1) Common Share and one (1) Warrant. Each Warrant, together with CAD$0.35, entitles the holder thereof to acquire one (1) additional Common Share for twelve (12) months from the date of each closing under the Offering. All securities comprising the Units issued on the Offering are subject to a trading hold period expiring four months plus one day from the date of issuance.

The oversubscription, which is in accordance with the pricing requirements under Policy 4.1 - Private Placements of the TSX Venture Exchange (the "TSXV"), among other items such as the acceptance and final approval of the Offering, remain subject to approval by the TSXV, which the Company has submitted for as of the date of this news release.

The proceeds from the Closing have been and will be used by the Company to conclude its permitting process, cover essential operations and for 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 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.

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/245997

FAQ

How much did West High Yield (WHYRF) raise in their latest private placement?

West High Yield raised total gross proceeds of $1,073,937.33 through the issuance of 4,669,290 Units.

What is the exercise price and terms of WHYRF's warrants from the March 2025 offering?

Each warrant can be exercised at CAD$0.35 to acquire one additional Common Share within 12 months from the closing date.

What is the holding period for WHYRF's private placement securities?

The securities have a trading hold period of four months plus one day from the date of issuance.

How will West High Yield (WHYRF) use the proceeds from the March 2025 private placement?

The proceeds will be used to conclude the permitting process, cover essential operations, and for general working capital purposes.