West Mining Corp. Announces $5,000,000 Financing and Changes to the Board of Directors and Management
WEST MINING CORP. ANNOUNCES $5,000,000 FINANCING
AND CHANGES TO THE BOARD OF DIRECTORS AND MANAGEMENT
Not for distribution to United States newswire services or for dissemination in the United States.
Vancouver, B.C. – February 9, 2021 – West Mining Corp. (“West” or the “Company”) (CSE:
WEST, OTC: WESMF, FRA: 1HL) is pleased to announce that it has engaged Ascenta
Finance Corp. to conduct a private placement financing for gross proceeds of up to $5,000,000
through the issuance of:
• up to 7,500,000 Units (each, a “Unit”) priced at $0.40 each for gross proceeds of up to
$3,000,000. Each Unit will be comprised of one common share and one transferable
common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one
common share at $0.60 for a period of two years from the date of issuance. Under the
terms of the Warrants, West will be permitted to accelerate their expiry date if the volume
weighted average trading price of the Company's common shares listed on the Canadian
Securities Exchange (“CSE”) is at or above $0.90 for ten consecutive trading days; and
• up to 3,846,154 Flow-Through Units (a “FT Unit”) priced at $0.52 each for gross
proceeds of up to $2,000,000. Each FT Unit will be comprised of one flow-through
common share and one transferable common share purchase warrant (a “FT Warrant”) to
purchase one non-flow-through common share at $0.78 for a period of one year from the
date of issuance. Under the terms of the FT Warrants, West will be permitted to
accelerate their expiry date if the volume weighted average trading price of the
Company's common shares listed on the CSE is at or above
$1.00 for ten consecutive trading days.
The funds raised in this financing will be used for general corporate expenses and for the
exploration of the Company’s Kena Project, British Columbia, where in 2021 West will carry out
a comprehensive exploration program consisting of data review & verification, compilation and
modelling resulting in a National Instrument 43-101 Technical Report describing the Kena
Property. This will be followed by surface exploration work with the focus on delineating
diamond drill targets testing shallow high-grade gold and deeper porphyry copper-gold
mineralization.
Directors and officers of the Company may acquire securities under the financing, which
participation would be considered to be a “related party transaction” as defined under
Multilateral Instrument 61-101 (“MI 61-101”). Such participation is expected to be exempt from
the formal valuation and minority shareholder approval requirements of MI 61-101.
The Company may pay certain finder's fees in relation to the financing. This non brokered private
placement is subject to CSE approval. All securities issued pursuant to this
financing will be subject to a four-month and one day hold period from the closing date and are
not being offered or registered in the United States.
The securities offered under the private placement have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or
to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or
sale would be unlawful.
The Company would also like to announce that Mr. Nicholas Houghton, a current director of
West, has been appointed to the roles of President and Chief Executive Officer (“CEO”). Mr.
Houghton will be replacing Mr. Luke Montaine who has stepped down as CEO and from the
Board of Directors of West to focus on the qualifying transaction for Ord Mountain Resources
Corp., of which he is CEO and director. The Company would like to thank Mr. Montaine for his
services and his involvement in bringing West to where it stands today, and is pleased he will
continue to assist West going forward.
The Company is also very pleased to announce the appointment of Mr. John Mirko to the advisory
board of West. “We would like to welcome Mr. Mirko to the Company. His vast historical
knowledge of the ‘Kootenay Arc’ and experience with our flagship Kena project area will be
invaluable as we progress and plan our exploration programs,” states Nicholas Houghton.
Mr. Mirko has 47 years’ experience in the mining industry and is currently the founder &
President of Canam Mining Corporation, President & CEO of Rokmaster Resources Corp. and the
former President and founder of Canam Alpine Resources Ltd. (sold to Vizsla Resources Ltd. in
September 2019) and a founder of Pacific Rim Mining Corp., Frontier Pacific Mining Corp.,
Roca Mines Inc., Stikine Gold Corp. He has consulted and prospected internationally since 1972.
He has successful experience in discovery, permitting, construction and mine operation. In 2008
Mr. Mirko was a recipient of the “E. A. Scholtz Medal for Excellence in Mine Development”
from the Association for Mineral Exploration of British Columbia and in 2009, the Mining
Association of British Columbia’s “Mining and Sustainability Award” for the MAX Mine. He is a
member in good standing of the Society of Economic Geologists, Inc., the Canadian Institute of
Mining, Metallurgy and Petroleum and the Prospectors and Developers Association of Canada.
The Company also confirmed that it has issued an aggregate of 610,000 units to two arm’s length
third parties as a finder’s fees under the Company’s previously announced acquisitions of
Pilgrim Exploration Corp. and Folkestone Mining Corp. (see West’s press releases dated
December 28, 2020 and January 26, 2021). Each unit is comprised of one common share and one
common share purchase warrant (each warrant exercisable for one common share for two years at
an exercise price of $0.63). The securities issued are subject to a four-month and one day hold
period.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring & developing advanced and
prospective early-stage exploration projects. It is mainly focused on its Kena project
in the Nelson Mining District of South Eastern British Columbia, with two other properties in
British Columbia and one near Bathhurst, New Brunswick.
For additional information, please refer to the Company’s public disclosure record available on
SEDAR at www.sedar.com.
West Mining Corp.
Nicholas Houghton
President & CEO
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The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of
this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined
in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”,
“seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to
the Company, are intended to identify forward-looking information. All statements other than statements of historical
fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with
respect to future events, and current information available to them, and are subject to certain risks, uncertainties and
assumptions, including, without limitation: the potential of the Company’s mineral properties; the estimation of
capital requirements; the estimation of operating costs; the timing and amount of future business expenditures; and
the availability of necessary financing. Many factors could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to vary from those described herein should one or
more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic
conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial,
regulatory, political and competitive developments; and exploration or operational difficulties. This list is not
exhaustive of the factors that may affect forward-looking information. These and other factors should be considered
carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect
the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove
incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-
looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does
not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking
information included in this press release is made as of the date of this press release and the Company undertakes no
obligation to publicly update or revise any forward-looking information, other than as required by applicable law.