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

Rhea-AI Summary

West High Yield Resources Ltd. (WHYRF) closes the first tranche of its private placement offering, issuing 2,114,000 Units for $528,500. Each Unit includes a Common Share and a Warrant. The funds will aid in the permitting process and general working capital.

Calgary, Alberta--(Newsfile Corp. - March 14, 2024) - 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201744

FAQ

How many Units were issued in the first tranche of West High Yield's private placement offering?

West High Yield issued 2,114,000 Units in the first tranche of its private placement offering.

What is the price per Unit in West High Yield's private placement offering?

The price per Unit in West High Yield's private placement offering is $0.25.

What does each Unit in West High Yield's private placement offering consist of?

Each Unit in West High Yield's private placement offering consists of one Common Share and one Common Share purchase warrant.

What is the expiry date for acquiring an additional Common Share with the Warrant in West High Yield's private placement offering?

The expiry date for acquiring an additional Common Share with the Warrant in West High Yield's private placement offering is March 14, 2025.

What will the proceeds from the first tranche closing be used for in West High Yield's private placement offering?

The proceeds from the first tranche closing will be used to support the Company in furthering its permitting process and covering general working capital.