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

Rhea-AI Summary

West High Yield Resources Ltd. closes first tranche of private placement offering

Positive

• West High Yield Resources Ltd. has closed the first tranche of its private placement offering, issuing 2,259,152 Units for gross proceeds of $519,605.04.

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• None.

Calgary, Alberta--(Newsfile Corp. - October 12, 2023) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce, further to its news releases of September 13, 2023 and September 26, 2023, that 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 2,259,152 Units for gross proceeds of $519,605.04. The Units were issued at a price of $0.23 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 October 12, 2025. The Company did not pay any finder's fee or issue any warrants to finders in connection with the Closing.

The proceeds from the Closing will be used for supporting the Company's pilot testing project, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183761

FAQ

What is the purpose of the proceeds from the Closing?

The proceeds will be used for supporting the Company's pilot testing project, concluding its permitting process, covering essential operations, and general working capital purposes and expenses.

What is the price of each Unit?

Each Unit was issued at a price of $0.23.

What does each Unit consist of?

Each Unit consists of one Common Share of the Company and one Common Share purchase warrant.

What does each Warrant entitle the holder to?

Each Warrant, together with CAD$0.35, entitles the holder to acquire one additional Common Share until October 12, 2025.

Did the Company pay any finder's fee or issue any warrants to finders?

No, the Company did not pay any finder's fee or issue any warrants to finders in connection with the Closing.