Announces Closing Under Equity Facility with Alumina Partners
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
For Immediate Release
May 19, 2023
Calgary, Alberta
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
ANNOUNCES CLOSING UNDER EQUITY FACILITY WITH ALUMINA PARTNERS
CALGARY, ALBERTA – May 19, 2023 – West High Yield (W.H.Y.) Resources Ltd. (" West High
Yield" or the "Company") (TSXV:WHY) is pleased to announce it has comple ted a sixth tranche closing
(the "Sixth Tranche") under the drawdown equity financing facility (the "Facility") with Alumina Partners
(Ontario) Ltd. (" Alumina"), an affiliate of New York-based privat e equity firm Alumina Partners LLC.
Terms of the Facility were set forth in the Company’s news release dated December 14, 2021.
Under the closing of the Sixth Tranche, the Company issued 1,000,000 units (the " Units") to Alumina at a
price of CAD$0.36 per Unit for gross proceeds of CA D$360,000. Each Unit consists of one (1) common
share of the Company (each, a "Share" and collectively the "Shares") and one (1) Share purchase warrant
(each, a "Warrant" and collectively the " Warrants"). The subscription price of the Units is based on an
allowable discounted closing price of the Shares on the TSX Venture Exchange (the "TSXV") as reflected
in the Form 4A filed with the TSXV by the Company on May 18, 2023. Each Warrant in the Sixth Tranche
is exercisable into one additional Share at a price of CAD$0.5625 for 36 months from the date of closing.
The closing of the Sixth Tranche is subject to the final approval of the TSXV. All securities issued pursuant
to the Sixth Tranche are subject to the statutory hold period that expires four months and one day from their
issuance.
As previously noted in the Company’s news release dated December 14, 2021, the Company intends to use
the funds under each tranche closing of the Facility to move forward with its pre-feasibility study stage-3
including the detailed design and economic evaluation of its semi-commercial demonstration plant, and to
make preparations for mining of the magnesium ore in 2023 at its Record Ridge magnesium deposit in
Rossland, British Columbia, Canada.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the
acquisition, exploration, and deve lopment of mineral resource properties in Canada with a primary
objective to develop its Record Ridge critical minera l magnesium, silica, and nickel deposit using green
processing techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge magnesium deposit is located 10 kilometres 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 the 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 statem ents 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 b ased 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 re sults to differ materially from those expressed in the
forward-looking information include, but are not limited to: general ec onomic conditions in Canada and
globally; industry conditions, including governmental regulation; failure to obtain industry partner and
other third party consents and a pprovals, if and when required; th e availability of capital on acceptable
terms; the need to obtain required approvals from regul atory 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 th is forward-looking information, which is given as
of the date hereof, and to not use such forward-l ooking 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. p ersons 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 POLI CIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.