West Mining Corp. Closes Over-Subscribed Financing for $6,600,000
WEST MINING CORP. CLOSES OVER-SUBSCRIBED FINANCING FOR
$6,600,000.
Not for distribution to United States newswire services or for dissemination in the United States.
Vancouver, B.C. – February 26, 2021 – West Mining Corp. (“West” or the “Company”) (CSE:
WEST, OTC: WESMF, FRA: 1HL ) is pleased to announce that it has closed its previously
announced private placement financing (see the Company’s press release dated February 9, 2021).
Under the financing, West has raised gross proceeds of $6,674,252 through the issuance of
11,248,500 units (each, a “Unit”) at a price of $0.40 per Unit and of 4,182,415 flow-through units
(each, a “FT Unit”) at a price of $0.52 per FT Unit . Each Unit is comprised of one common share
and one common share purchase warrant, each warrant exercisable for a common share at an
exercise price of $0. 60 for two years (subject to acceleration in certain circumstances). Each FT
Unit is comprised of one flow-through common share and one common share purchase warrant,
each warrant exercisable for a common share at an exercise price of $0.78 for one year (subject to
acceleration in certain circumstances).
“The Company is extremely pleased with the appetite shown for the financing, and wish to thank
all who participated,” commented Nicholas Houghton, President and CEO of West.
Under the financing, the Company paid a corporate finance fee of $10,000, paid aggregate finder’s
fees of $446,139 and issued an aggregate of 1,029,655 finder’s warrants. 563,080 of the finder’s
warrants are exercisable for a Unit at an exercise price of $0.40 for two years; 177,600 of the
finder’s warrants are exercisable for a common share at an exercise price of $0 .40 for two years;
137,028 of the finder’s warrants are exercisable for a unit (each comprised of one common share
and one warrant exercisable for a common share at an exercise price of $0.78 for one year) at an
exercise price of $0.52 for two years; and 151,947 of the finder’s warrants are exercisable for a
common share at an exercise price of $0.52 for two years.
The securities issued under the private placement are subject to a four month hold period which
expires June 27, 2021. The proceeds of the financing will be used for general working capital and
for the exploration of the Company’s Kena Project, British Columbia.
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 co nstitute 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 has also issued an aggregate of 1,500,000 stock options to certain directors and
consultants of the Company. Each option is exercisable for one common share at an exercise price
of $1.10 per share for 10 years.
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 expre ssions 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.