West High Yield (W.H.Y.) Resources Ltd. Announces Final Closing of Oversubscribed Private Placement

November 29, 2023 3:56 PM EST | Source: West High Yield (W.H.Y.) Resources Ltd.

Calgary, Alberta--(Newsfile Corp. - November 29, 2023) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that, further to its news releases dated September 13, 2023, September 26, 2023, October 12, 2023, October 26, 2023 and November 2, 2023, it has closed the final tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units").

The Closing consisted of the issuance of 518,939 Units for gross proceeds of $119,356. The Units were issued at a price of $0.23 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 November 29, 2025.

Two directors and officers of the Company (collectively, the "Insiders") participated in the Closing and purchased 200,000 Units for $46,000. Participation by the Insiders in the Closing and Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of the Insiders' participation in the Closing and Offering.

The Company confirms that it issued a total of 4,056,047 Units for total gross proceeds of $932,890.92 under the multiple closings comprising the Offering. The Company paid a finder's fee of CAD$2,760 and issued 12,000 finder's warrants (each, a "Finder's Warrant") to one finder in respect of the Offering, where each Finder's Warrant, together with CAD$0.35, entitles the finder to acquire one (1) additional Common Share until November 2, 2025.

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 operations and 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 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:


Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com

Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com

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 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.


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