West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Private Placement
West High Yield (W.H.Y.) Resources (TSXV: WHY) has closed the first tranche of its previously announced private placement offering on August 9, 2024. The closing consisted of 435,076 Units issued at $0.33 per Unit, raising gross proceeds of $143,575.05. Each Unit comprises one Common Share and one Warrant, with each Warrant allowing the holder to acquire an additional Common Share at $0.45 within 18 months of the closing date.
The proceeds will be used to support the Company's planned drilling program for water monitoring holes at its Record Ridge magnesium deposit, complete the permitting process, cover essential operations, and for general working capital purposes. All securities issued are subject to a four-month plus one day trading hold period.
West High Yield (W.H.Y.) Resources (TSXV: WHY) ha chiuso la prima tranche della sua offerta di private placement precedentemente annunciata il 9 agosto 2024. La chiusura ha comportato 435.076 unità emesse a $0,33 per unità, raccogliendo proventi lordi di $143.575,05. Ogni unità consiste in una azione comune e un warrant, con ogni warrant che consente al possessore di acquisire un'ulteriore azione comune a $0,45 entro 18 mesi dalla data di chiusura.
I proventi saranno utilizzati per supportare il programma di perforazione pianificato per il monitoraggio delle acque presso il deposito di magnesio Record Ridge, completare il processo di autorizzazione, coprire operazioni essenziali e per esigenze generali di capitale circolante. Tutti i titoli emessi sono soggetti a un periodo di blocco per il trading di quattro mesi più un giorno.
West High Yield (W.H.Y.) Resources (TSXV: WHY) ha cerrado la primera tranche de su oferta de colocación privada previamente anunciada el 9 de agosto de 2024. El cierre consistió en 435,076 unidades emitidas a $0.33 por unidad, recaudando ingresos brutos de $143,575.05. Cada unidad comprende una acción común y un warrant, donde cada warrant permite al tenedor adquirir una acción común adicional a $0.45 dentro de los 18 meses siguientes a la fecha de cierre.
Los ingresos se utilizarán para apoyar el programa de perforación planificado para agujeros de monitoreo de agua en su depósito de magnesio Record Ridge, completar el proceso de permisos, cubrir operaciones esenciales y para fines generales de capital de trabajo. Todos los valores emitidos están sujetos a un período de retención de negociación de cuatro meses más un día.
West High Yield (W.H.Y.) Resources (TSXV: WHY)는 2024년 8월 9일에 이전에 발표된 사모 배치의 첫 번째 트랜치를 닫았습니다. 이번 마감은 유닛 435,076개를 각각 유닛당 $0.33에 발행하여 총 수익금을 $143,575.05 조달했습니다. 각 유닛은 하나의 보통주와 하나의 워런트를 포함하며, 각 워런트는 보유자가 마감일로부터 18개월 이내에 추가 보통주를 $0.45에 매입할 수 있도록 합니다.
모금된 자금은 Record Ridge 마그네슘 매장지에서 물 모니터링 구멍에 대한 계획된 드릴링 프로그램을 지원하기 위해 사용될 것이며, 허가 절차를 완료하고 필수 운영을 충당하며 일반 운전 자본 목적에도 사용될 것입니다. 발행된 모든 증권은 4개월과 하루의 거래 제한 기간의 적용을 받습니다.
West High Yield (W.H.Y.) Resources (TSXV: WHY) a clôturé la première tranche de son offre de placement privé précédemment annoncée le 9 août 2024. La clôture a consisté en 435,076 unités émises à 0,33 $ par unité, levant des produits bruts de 143,575,05 $. Chaque unité comprend une action ordinaire et un bon de souscription, chaque bon permettant au détenteur d'acquérir une action ordinaire supplémentaire à 0,45 $ dans les 18 mois suivant la date de clôture.
Les produits seront utilisés pour soutenir le programme de forage prévu pour les trous de surveillance de l'eau dans son gisement de magnésium Record Ridge, compléter le processus d'autorisation, couvrir les opérations essentielles et pour des besoins généraux en fonds de roulement. Tous les titres émis sont soumis à une période de blocage de quatre mois plus un jour pour le négoce.
West High Yield (W.H.Y.) Resources (TSXV: WHY) hat am 9. August 2024 die erste Tranche seines zuvor angekündigten Privatplatzierungsangebots abgeschlossen. Der Abschluss bestand aus 435.076 Einheiten, die zu $0,33 pro Einheit ausgegeben wurden, und brachte Bruttoeinnahmen von $143.575,05 ein. Jede Einheit besteht aus einer Stammaktie und einem Warrant, wobei jeder Warrant dem Inhaber das Recht einräumt, innerhalb von 18 Monaten nach dem Abschlussdatum eine zusätzliche Stammaktie zu einem Preis von $0,45 zu erwerben.
Die Einnahmen werden verwendet, um das geplante Bohrprogramm für die Überwachung von Wasserlöchern in der Magnesiumlagerstätte Record Ridge zu unterstützen, den Genehmigungsprozess abzuschließen, essenzielle Betriebsabläufe zu decken und allgemeine Betriebskapitalzwecke zu erfüllen. Alle ausgegebenen Wertpapiere unterliegen einer Handelsrestriktionsfrist von vier Monaten und einem Tag.
- Successful closing of first tranche of private placement, raising $143,575.05
- Funds to support planned drilling program and permitting process for Record Ridge magnesium deposit
- Warrants provide potential for additional capital influx at $0.45 per share within 18 months
- Dilution of existing shareholders' ownership due to issuance of new shares
- Relatively small amount raised may not be sufficient for long-term operational needs
Calgary, Alberta--(Newsfile Corp. - August 9, 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 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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219436
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