en.Wedoany.com Reported - West High Yield (W.H.Y.) Resources Ltd. announced the completion of the first tranche of its previously disclosed private placement of units. This tranche includes the issuance of 1,188,334 units, with total proceeds of $356,500.00. The units were issued at a price of $0.30 per unit, with each unit consisting of one common share of the company and one-half of one common share purchase warrant. Each full warrant, together with $0.45, entitles the holder to acquire one additional common share within twelve months from the date of closing. All securities comprising the units issued at closing are subject to a hold period of four months and one day from the date of issuance.
The proceeds from the closing will be used by the company to pay for development costs and expenses of the Record Ridge industrial mineral project, as well as for general working capital and expenses.
The Supreme Court of British Columbia dismissed a judicial review application against the Record Ridge industrial mineral project, upholding the decision of the British Columbia Environmental Assessment Office that the project does not require a provincial environmental assessment. The injunction that previously temporarily restricted construction activities pending the judicial review has been lifted.
West High Yield is a publicly traded junior mining exploration and development company, established in 2003, focused on acquiring, exploring, and developing mineral resource assets in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing technology to minimize waste and carbon dioxide emissions.
The company's Record Ridge critical mineral deposit is located approximately 10 kilometers southwest of Rossland, British Columbia. According to the "Amended NI 43-101 Technical Report: Preliminary Economic Assessment of the Record Ridge Project, British Columbia, Canada" dated April 18, 2013, independently prepared by SRK Consulting (Canada) Inc., the deposit contains 43 million tonnes of indicated and measured mineral resources, with an average magnesium grade of 24.61%, equivalent to approximately 10.6 million tonnes of magnesium metal.
Company geologist Rick Walker (B.Sc., M.Sc., P.Geo.), a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
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