In Calgary, Alberta, on August 22, 2024, West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) hereby announces the closing of its previously announced private placement offering of units (the “Offering”). The Company issued a total of 435,076 Units, generating gross proceeds of $143,575.05. Each Unit comprised one Common Share of the Company and one half of one Common Share purchase warrant. Each Warrant, along with CAD$0.45, entitles the holder to acquire an additional Common Share for eighteen months from the closing date of each Offering. It should be noted that the Company’s previous news release erroneously stated that each Unit included one Common Share and one Warrant, which is now corrected in this release.
The proceeds from the Offering will be utilized to conclude the Company’s mining permitting process, cover essential operations, and facilitate general working capital requirements. The completion of the Offering is subject to specific closing conditions, including the receipt of all necessary approvals, notably from the TSX Venture Exchange (TSXV).
West High Yield is a publicly traded junior mining exploration and development company focusing on acquiring, exploring, and developing mineral resource properties in Canada. Its primary goal is to develop its Record Ridge critical mineral deposit using environmentally friendly processing techniques to reduce waste and CO2 emissions. The Record Ridge deposit, situated 10 kilometers southwest of Rossland, British Columbia, contains approximately 10.6 million tonnes of magnesium, as per an independently produced National Instrument 43-101 Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. on April 18, 2013.
As the Company’s geologist, Rick Walker, B.Sc., M.Sc., P.Geo., qualifies as a “Qualified Person” under NI 43-101 and has reviewed and approved the technical information in this news release.
For further 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
This press release contains forward-looking statements and forward-looking information subject to various risks and uncertainties. The Company does not guarantee the accuracy of the forward-looking statements and information. Readers are advised to exercise caution when relying on this information. The Company undertakes no obligation to update or revise the forward-looking information, except as required by law.
Neither the TSXV nor its Regulation Services Provider accepts responsibility for the accuracy of this release.
SOURCE: West High Yield (W.H.Y.) Resources Ltd.
