WEST High Yield (W.h.y.) Resources Ltd. Announces First Tranche Closing of Oversubscribed Private Placement
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
For Immediate Release
December 23, 2022
Calgary, Alberta
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES
FIRST TRANCHE CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT
CALGARY, ALBERTA – December 23, 2022 – West High Yield (W.H.Y.) Resources Ltd. ("West High
Yield" or the "Company") (TSXV:WHY) is pleased to announce, further to its news release of December
13, 2022, that it has closed the first tranche (the "Closing") of both of its previously announced private
placement offerings (the "Offerings") of flow-through units of the Company (the "Flow-Through Units")
and ordinary units of the Company (the "Ordinary Units" and together with the Flow-Through Units, the
"Units"). The Flow-Through Units were issued at a price of $0.50 per Flow-Through Unit and the Ordinary
Units were issued at a price of $0.42 per Ordinary Unit.
Each Flow-Through Unit consists of one (1) Common share of the Company (each, a "Common Share")
issued on a "flow-through basis" under the Income Tax Act (Canada) (the "Act") and one half (1/2) of one
(1) Common Share purchase warrant (each, a "Flow-Through Warrant"). Each Flow-Through Warrant,
together with CAD$0.70, entitles the holder thereof to acquire one (1) additional Common Share until June
22, 2024. Each Standard Unit consi sts of one (1) Common Share and one (1) Common Share purchase
warrant (each, a " Standard Warrant"). Each Standard Warrant, together with CAD$0.70, entitles the
holder thereof to acquire one (1) additional Common Share until December 23, 2024.
The Closing consisted of the issuance of 1,570,00 Flow-Through Units for gross proceeds of $785,000 and
399,000 Ordinary Units for gross proceeds of $167,580, representing aggregate gross proceeds of $952,580.
In connection with the Closing, the Company issued 113,942 non-transferable share purchase warrants (the
"Broker Warrants") to and as directed by GloRes Securities Inc. (the " Broker"), equal to 6% of the
number of Units issued under the Closing to subscribers introduced by the Broker, and is required to pay
the Broker a cash commission of $55,056, being 6% of the aggregate proceeds from the number of Units
sold under the Closing to subscribers introduced by the Broker. The Broker Warrants have identical terms
to the Standard Warrants . All securities issued in connection with the Closing are subject to a statutory
hold period in accordance with applicable securities legislation ending on April 23, 2023.
The proceeds from the issuance of the Flow -Through Units will be used to incur eligible "Canadian
exploration expenses" and "Canadian development expenses", as both terms are defined in the Act, that
qualify as "flow-through mining expenditures" related to the Company's Record Ridge magnesium deposit
and Midnight gold claim. The proceeds from the issuance of the Standard Units will be used for general
working capital purposes and expenses.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the
acquisition, exploration, and development of mineral resource properties in Canada with a primary
objective to develop its Record Ridge magnesium, silica, and nickel deposit using gree n processing
techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British
Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently
produced preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. in
accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., 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 requ ired; 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 cautioned 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 securit ies 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 bene fit of U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCH ANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.