WEST High Yield (W.h.y.) Resources Ltd. Announces Final Closing of Oversubscribed Private Placement and Signing of Sponsorship Agreement
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
For Immediate Release
May 10, 2024
Calgary, Alberta
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. ANNOUNCES FINAL CLOSING OF
OVERSUBSCRIBED PRIVATE PLACEMENT AND SIGNING OF SPONSORSHIP AGREEMENT
CALGARY, ALBERTA – (May 10, 2024) West High Yield (W.H.Y.) Resources Ltd. (the " Company" or
"West High Yield") (TSXV:WHY) is pleased to announce that, further to its news releases dated February
26, 2024, March 14, 2024, April 10, 2024 and April 18, 2024, it has closed the final tranche (the " Closing")
of its previously announced private placement offering (the "Offering") of units (the "Units").
Offering
The Closing consisted of the issuance of 612,000 Units for gross proceeds of $153,000. The Units were issued
at a price of $0.25 per Unit, and each Unit consists of one (1) Common share of the Company (each, a "Common
Share") and one (1) Common Share purchase warrant (each, a " Warrant"). Each Warrant, together with
CAD$0.35, entitles the holder thereof to acquire one (1) additional Common Share until May 10, 2025.
The Company confirms that it issued a total of 3,936,000 Units for total gross proceeds of $984,000 under the
multiple closings comprising the Offering. The Company had initially announced the Offering would raise gross
proceeds of up to $950,000, and the oversubscription of the Offering remains subject to approval by the TSX
Venture Exchange (the "TSXV").
The proceeds from the Closing and the Offering will be used for supporting the Company’s pilot testing project,
concluding its permitting process, covering essential op erations and general work ing capital purposes and
expenses.
Sponsorship Agreement
The Company also announces that it has signed a sponsorship agreement (the "Sponsorship Agreement") with
GOLDINVEST Consulting GmbH ("GI"), a German internet marketing services firm.
Pursuant to the Sponsorship Agreement, GI will prov ide marketing and distribution services to communicate
information about the Company to the German finan cial community and public. In consideration for the
provision of the services by GI under the Sponsorship Ag reement, West High Yield has agreed to pay GI a fee
of CAD$25,000, which is payable in four (4) equal in stallments every three (3) months during the term of the
Sponsorship Agreement. The term of the Sponsorship Agr eement is for one (1) year, expiring on May 9, 2025
unless the parties desire to renew the terms and term of the Sponsorship Agreement thereafter.
The Sponsorship Agreement is in ac cordance with applicable Canadian securities laws and subject to the
approval of the TSXV.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on acquiring,
exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record
Ridge critical mineral magnesium, silica, and nickel deposits using green 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
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101 ") Preliminary
Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-
101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: [email protected]
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
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-lookin g 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 uncer tainties 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 ec onomic 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 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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.