WEST High Yield Announces Private Placements
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WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
NEWS RELEASE
For Immediate Release October 7, 2020
Calgary, Alberta
WEST HIGH YIELD ANNOUNCES PRIVATE PLACEMENTS
CALGARY, Alberta, October 7, 2020 -- West High Yield (W.H.Y.) Resources Ltd. ("West High Yield"
or the "Company") (TSXV:WHY) announces two non-brokered private placements (the "Offerings").
The first Offering is a Flow-Through Private Placement of up to $2,100,000 for 7,000,000 Units of the
Company comprised of 7,000,000 Common Shares issued on a flow-through basis and 7,000,000
Common Share Purchase Warrants (the “Warrants”). Each Unit is priced at $0.30 per Unit with $0.30
allocated to each Common Share. The Warrants ex pire 12 months from the da te of issue and two (2)
Warrants together with $0.40 will entitle the holder to acquire one (1) additional Common Share of the
Company.
The second Offering is a Private Placement of up to $1,500,000 for 7,500,000 Units of the Company
comprised of 7,500,000 Common Shares and 7,500, 000 Common Share Purchase Warrants (the
“Warrants”). Each Unit is priced at $0.20 per Un it. The Warrants expire 12 months from the date of
issue and two (2) Warrants together with $0.30 wi ll entitle the holder to acquire one (1) additional
Common Share of the Company. The minimum subscription on both Offerings is $5,000.
The proceeds from the sale of the Units pursuant to the Offerings will be used primarily to fund the
completion of the Company’s approved drilling program of up to 20,000 meters (22 holes) on the
Company’s Midnight Gold Claim located in the Rossland Gold Camp in British Columbia. A portion of
the proceeds will also be used to fund the completion of the application by the Company to the BC
Department of Mines for the mining permit for th e Record Ridge Magnesium/Nickel Mine located in
Rossland, British Columbia and for general working capital.
The Industrial Quarry Permit sought under the BC Mines Act will allow for the extraction and sale of up
to 249,999 tonnes per annum of industrial rock. The Comp any is also in the process of developing a pilot
plant processing facility to upgrade the magnesium ore on its Rossland property to ultra-high purity
(99%) Magnesium Oxide product.
The Rossland Gold Camp historically produced ove r 2.76 million ounces of recovered Gold and 3.52
million ounces of recovered Silver. Historical gold production, geological work and drill holes
previously conducted by the Company reinforce the potential of the Midnight Gold Claim.
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Closing of the Offerings is anticipated to occur on or before November 18, 2020 and is subject to final
receipt and approval of the TSX Venture Exchange (the "TSXV"). Finder's fees may be payable to
qualified agents in appropriate circumstances in connection with the Offerings.
About West High Yield
West High Yield is a publicly traded junior mining exploration company focused on the acquisition,
exploration, and development of mineral resource properties in Canada with a primary objective to locate
and develop economic gold, nickel, and magnesium properties.
For further information, please contact:
Frank Marasco
President and Chief Executive Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
Reader Advisory
This press release contains forward-looking statements and forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect", "antici pate", "continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or
statements. More particularly and without limitation, this press release contains forward looking statements and information
concerning the Company's business plans. The forward-looki ng 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 bas ed 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 t hat could cause actual events or results to differ materiall y from
those anticipated in the forward-looking in formation. Some of the risks and other fact ors that could cause the results to diffe r
materially from those expressed in the fo rward-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 ava ilability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market vo latility; competition for, among other things, skilled personnel
and supplies; changes in tax laws; and the other factors. Readers ar e cautioned that this list of risk factors should not be
construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-l ooking information, which is given as of the date hereof, an d
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 otherwis e,
except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accura cy of this press release. This press release is not for
distribution in the United States.