CALGARY, ALBERTA – May 31, 2017. West High Yield (W.H.Y.) Resources Ltd. (the “Company”) announces that it has completed two tranches of its previously announced non-brokered private placement of units (each, a “Unit”) on May 29 and 31, 2017. The Company issued an aggregate of 1,170,000 Units at a price of $0.30 per Unit for gross proceeds of $351,000. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-third of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.45 for a period of one year from the date of issuance of the Warrant. All of the securities issued under the private placement are subject to a four month resale restriction. The private placement is subject to receipt of all necessary regulatory approvals including final approval of the TSX Venture Exchange. It is expected that the balance of the private placement will be completed within the next few weeks.
The net proceeds of the private placement will be used for general corporate purposes, environmental study and mine plan development as required by the Environmental Assessment Certification and Mine Permit application processes.
The Company also announces the release of its financial results and Management Discussion and Analysis for the three months ended March 31, 2017 which have been filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
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 further information please contact:|
President and Chief Executive Officer West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: [email protected]
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd. Telephone: (403) 257-2637
Facsimile: (403) 206-7159 Email: [email protected]
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar
expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the proposed timing for the completion of the private placement and the proposed use of proceeds of the private placement. 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; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the 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.
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 press release.