CALGARY, ALBERTA, – July 27, 2006. West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company”) is pleased to announce that it has successfully completed its initial public offering (the “Offering”). The Offering was fully subscribed with gross proceeds of $2,000,000. Leede Financial Markets Inc. acted as agent for the Offering and received a commission and an option to acquire 600,000 units at the offering price. A total of 5,000,000 units were subscribed for at a price of $0.40 per unit. Each unit consisted of one (1) common share of the Company and one half (1/2) of one (1) common share purchase warrant. Each whole warrant entitles the purchaser to acquire one (1) additional common share of the Company at an exercise price of $0.50 per warrant for a period of six months from the closing of the Offering and at a price of $0.60 per share for a period of six months thereafter. Following the financing, the Company has 32,385,144 common shares and 5,045,072 common share purchase warrants issued and outstanding. Closing documents for the initial public offering were filed with the TSX Venture Exchange (the “TSXV”) and it is expected that the shares of the Company will commence trading on the TSXV on Tuesday, August 1, 2006.
President and CEO, Frank Marasco, said, “The Board of Directors of West High Yield is pleased with the response to the Offering and is looking forward to the Company’s planned exploration program on our mining property located in the Trail Creek Mining District in Southeast British Columbia.”
West High Yield’s senior management includes Frank Marasco, President and CEO, Wayne Wilson, CFO and Craig G. Robson, Vice President Corporate Development and Investor Relations The Directors of the Company include Mr. Marasco, Warren Robb, Ross Drysdale and Patricia Nelson.
The Company will now commence the Phase 2 recommended Diamond Drill Program on its Midnight and IXL Properties located on the western outskirts of the community of Rossland in southeastern British Columbia. The drilling program is planned to consist of up to 2,000 meters over several holes and is being done to step out from the previously known zone of mineralization and to twin the holes drilled in the Midnight mine’s 3,100 foot level by Mine Finders in 1996/1997. It is anticipated that the Company will receive results from the first three holes in the next few weeks.
West High Yield is a junior 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 properties. .
For further information please contact:
Frank Marasco Craig G. Robson
President and Chief Executive Officer Vice President, Corporate Development West High Yield (W.H.Y.) Resources and Investor Relations
28 Arbour Lake Drive, NW West High Yield (W.H.Y.) Resources
Calgary, Alberta T3G 3N8 Suite 620, 800 West Pender Street
Telephone: (403) 283-5555 Vancouver, BC V6C 2V6
Facsimile: (403) 206-7159 Telephone: (604) 868-7961
Facsimile: (604) 274-1431
ADVISORY: Certain information regarding the Company including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, access to labour and services, competition from other producers and ability to assess sufficient capital from internal and external source. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.