West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Private Placement and Record Ridge Project Update
Rhea-AI Summary
West High Yield (TSXV: WHY, FSE: W0H, WHYRF) closed the first tranche of its private placement and reported a key legal outcome for the Record Ridge project.
The company issued 1,188,334 units at $0.30 for gross proceeds of $356,500, with half-warrants exercisable at CAD$0.45 for 12 months. Proceeds will fund the Record Ridge Industrial Minerals Mine project and working capital. The Supreme Court of British Columbia dismissed the judicial review challenging the project, upholding that it is not subject to a provincial environmental assessment, and the related construction injunction has been lifted.
Positive
- First tranche raises $356,500 through 1,188,334 units at $0.30
- Warrants allow potential extra capital at CAD$0.45 within 12 months
- Proceeds allocated to advance Record Ridge development and working capital
- Judicial review of Record Ridge project dismissed by Supreme Court of BC
- Injunction restricting Record Ridge construction activities has been lifted
Negative
- Issuance of 1,188,334 new units increases share count and dilutes existing holders
- Half-warrants could add up to 594,167 new shares if fully exercised
News Market Reaction – WHYRF
On the day this news was published, WHYRF gained 3.00%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - June 11, 2026) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (FSE: W0H) ("West High Yield" or the "Company") is pleased to announce that, further to its news release of May 21, 2026, it has closed the first tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units"), and provide update on its Record Ridge Industrial Minerals Mine project (the "RRIMM Project") located near Rossland, British Columbia, following dismissal of Record Ridge judicial review.
The Closing
The Closing consisted of the issuance 1,188,334 Units for gross proceeds of
The proceeds from the Closing will be used by the Company to cover expenses and development of the RRIMM Project and for general working capital purposes and expenses.
RRIM Project Update
The Company also notes that, as announced earlier today, the Supreme Court of British Columbia dismissed the judicial review challenging the RRIMM Project and upheld the British Columbia Environmental Assessment Office's determination that the RRIMM Project is not subject to a provincial environmental assessment. As a result, the injunction that had temporarily restricted construction activities pending resolution of the judicial review has been lifted.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company, established in 2003, and 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 is located approximately 10 kilometers southwest of Rossland, British Columbia. Based on the independently prepared National Instrument 43-101 Preliminary Economic Assessment titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada" prepared by SRK Consulting (Canada) Inc. and dated April 18, 2013, the deposit contains a Measured and Indicated mineral resource of 43.0 million tonnes at an average magnesium grade of
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 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/301149