WEST High Yield Announces Receipt of $750,000 Secured Loan and Closing of Private Placement
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
For Immediate Release
April 29, 2021
Calgary, Alberta
WEST HIGH YIELD ANNOUNCES RECEIPT OF $750,000 SECURED LOAN
AND CLOSING OF PRIVATE PLACEMENT
CALGARY, ALBERTA – April 29, 2021 – West High Yield (W.H.Y.) Resources Ltd. ( "West
High Yield" or the "Company") (TSXV:WHY) announces that it has arranged for a loan to be
provided by Big Mountain Development Corp. Ltd. (the "Lender"), a related party of the Company,
in the principal amount of CAD$750,000 (the " Loan"). The Loan will have a term of 12 months
and will bear interest at the rate of 10% per annum. The Loan will be secured by the previously
executed first charge general security agreement on all of the present and after -acquired property
of the Company granted in favour of the Lender.
The Company further announces the closing (the "Closing") of its previously announced private
placement (the "Private Placement") for 1,325,000 units (the "Units") at a price of CAD$0.20 per
Unit for gross proceeds of CAD$265,000.00. Each Unit is comprised of one common share (the
"Common Shares") and one Common Share purchase warrant (the "Warrants"). The Warrants
expire 12 months from the date of issue and two (2) Warrants together with CAD$0.30 will entitle
the holder to acquire one (1) additional Common Share of the Company. No finder’s fee was paid
to any person in relation to the Private Placement . The Units issued pursuant to the Private
Placement are subject to resale restrictions, including a hold period of four months and one day
pursuant to applicable Canadian securities laws.
The proceeds of the Loan and the Private Placement will be used primarily to fund the completion
of the Company’s application to the British Columbia Department of Mines for the mining permit
for the Record Ridge magnesium/nickel mine located in Rossland, British Columbia and for general
working capital.
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.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
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 caution ed 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.
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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS
RELEASE.