CALGARY, ALBERTA–(Marketwire – May 10, 2012) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS
West High Yield (W.H.Y.) Resources Ltd. (TSX VENTURE:WHY) (“West High Yield” or the “Company”) announces that it closed its previously announced Private Placement of $0.40 Units of Common Shares and Warrants. In the Private Placement, the Company raised an aggregate of $650,000 and issued 1,625,000 Common Shares and 1,625,000 Warrants. Every ten (10) Warrants together with $0.55 will entitle the holder to purchase one (1) additional Common Share of the Company for a period of 18 months from the closing date of the Private Placement. The Company paid finders fees of $44,450 to qualified arms-length third parties. The Company also advises that it has withdrawn its previously announced Private Placement of $0.50 Units.
The Company advises that it released its financial results and the Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2011. The audited Financial Statements and related MD&A have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
The Company also advises that it is in the process of completing its previously announced NI 43-101 Preliminary Economic Assessment Report (“PEA”) with respect to the Company’s Record Ridge Magnesium Project, which is scheduled to be completed by the end of June, 2012. The PEA is being prepared by SRK Consulting Engineers of Denver, Colorado.
About West High Yield
West High Yield is a publicly traded junior mining 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, nickel and magnesium properties. For more information with respect to the Company, please refer to the Company’s web-site at whyresources.com.
READER ADVISORY
This news release may contain certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with mining exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers and producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward- looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
47,145,394 Common Shares Issued
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.
CONTACT INFORMATION:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco
President and Chief Executive Officer
(403) 660-3488
Fax: (403) 206-7159
[email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
Dwayne Vinck
Chief Financial Officer
(403) 257-2637
Fax: (403) 206-7159
[email protected]
or
West High Yield (W.H.Y.) Resources Ltd.
Box 68121 Stn Crowfoot
Calgary, Alberta T3G 3N8