West High Yield Resources Announces Corporate Developments
TSX VENTURE: WHY
CALGARY, Alberta, Dec. 20, 2018 (GLOBE NEWSWIRE) -- West High Yield (W.H.Y.) Resources Ltd. ("West High Yield" or the "Company") (TSXV: WHY) announces that it plans to close the current tranche of its previously announced non-brokered private placement of Units (the "Units") comprised of one Common Share (a “Common Share”) and one-third of one Common Share Purchase Warrant (a “Warrant”). Each whole Warrant would entitle the holder to purchase one additional Common Share at an exercise price of $0.50 for a period of one year from the date of issuance of the Warrant. There is no minimum subscription for this offering and a maximum of 5,000,000 Units will be issued at a price of $0.30 per Unit for gross proceeds of up to $1,500,000.
The Company also advises that after almost three years of collecting environmental data and extensive mine planning and engineering studies, it is in the process of completing and submitting the Company’s Application for an Industrial Mineral Mine for its Record Ridge magnesium deposit near Rossland, British Columbia.
In other developments, the Company advises that it has concluded a Settlement Agreement with the Alberta Securities Commission (“ASC”) with respect to the resolution of certain issues arising from News Release issued by the Company on October 5, 2017. A copy of the Settlement Agreement is available on the ASC website at albertasecurities.com. The News Release issued by the Company pertained to a potential transaction for the Company to sell all of its mining assets to a US based company. On November 3, 2017, the Company issued a News Release which clarified the sale agreement to sell its assets. Ultimately, the Company announced that this transaction was terminated on November 7, 2017. The Company also advised that the trading of its shares which had been halted on October 6, 2017 recommenced trading on November 9, 2017. The Company further advises that the Company and its Directors and Officers cooperated with the staff of the ASC and the matter was resolved without a hearing under the Securities Act (Alberta) (the “Act”). In the settlement, the Company acknowledged that it was in breach of certain sections of the Act resulting from the October 5, 2017 News Release. The Company also advises that staff of the ASC did not find any evidence that the Company or its Directors and Officers intentionally made any misleading statements nor that the Company or any of its Directors and Officers personally received any financial gain, or acted with an intention to receive financial gain, directly or indirectly, in connection with the statements in the October 5, 2017 News Release and received partial credit for cooperating with the ASC. In the settlement, the Company agreed to pay a monetary settlement of Two Hundred Thousand Dollars and provided an undertaking to ensure that the Directors and Officers of the Company are provided with training in best practices for public company governance and disclosure within one year.
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
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 257-2637
Facsimile: (403) 206-7159
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 terms of the proposed non-brokered private placement of Units, the proposed use of proceeds and the Company's business plans. 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.
Not for distribution in the United States. This news 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.