West High Yield (WHY) Resources Ltd. announces the final closing of an oversubscribed private placement and the signing of a sponsorship agreement

Calgary, Alberta–(Newsfile Corp. – May 10, 2024) – West High Yield (WHY) Resources Ltd. (TSXV: WHY) (the “Business” Or “High Yield West“) is pleased to announce that, following its press releases of February 26, 2024, March 14, 2024, April 10, 2024 and April 18, 2024, it has closed the last tranche (the “Closing“) of its previously announced private placement offering (the “Offer“) of units (the “Units“).

Offer

The closing consisted of the issuance of 612,000 units for gross proceeds of $153,000. The Units were issued at a price of $0.25 per Unit, and each Unit consists of one (1) common share of the Company (each, a “Common stock“) and one (1) common share purchase warrant (each, a “To guarantee“). Each warrant, worth $0.35 CAD, entitles its holder to acquire one (1) additional common share until May 10, 2025.

The Company confirms that it has issued a total of 3,936,000 units for total gross proceeds of $984,000 in connection with the multiple closings comprising the offering. The Company had initially announced that the offering would raise gross proceeds of up to $950,000, and oversubscription of the offering remains subject to the approval of the TSX Venture Exchange (the “TSX Venture Exchange“).

Proceeds from the closing and offering will be used to support the Company’s pilot test project, conclude its permitting process, covering essential operations and general working capital purposes and expenses.

Sponsorship agreement

The Company also announces that it has signed a sponsorship agreement (the “Sponsorship agreement“) with GOLDINVEST Consulting GmbH (“GI“), a German Internet marketing services company.

Pursuant to the sponsorship agreement, GI will provide marketing and distribution services to communicate information about the Company to the German financial community and public. In consideration for GI’s provision of services under the Sponsorship Agreement, West High Yield has agreed to pay GI a fee of C$25,000, payable in four (4) equal installments every three (3) months during the term of the agreement. Sponsorship agreement. The term of the Sponsorship Agreement is one (1) year, expiring on May 9, 2025, unless the parties wish to renew the terms and duration of the Sponsorship Agreement thereafter.

The sponsorship agreement complies with applicable Canadian securities laws and is subject to approval by the TSXV.

About West High Yield

West High Yield is a junior, publicly traded mineral exploration and development company focused on the acquisition, exploration and development of mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral deposits of magnesium, silica and nickel using environmentally friendly processing techniques to minimize waste and CO.₂ emissions.

The story continues

The Company’s Record Ridge magnesium deposit, located 10 kilometers southwest of Rossland, British Columbia, contains approximately 10.6 million tonnes of contained magnesium, based on independently produced ore. National Regulation 43-101 – Disclosure standards for mining projects (“Regulation 43-101“) Preliminary economic evaluation technical report prepared by SRK Consulting (Canada) Inc. in accordance with National Instrument 43-101.

Contact details:

WEST HIGH YIELD (WHY) RESOURCES LTD.

Frank Marasco Jr., President and CEO
Telephone: (403) 660-3488
Email: [email protected]

Barry Baim, general secretary
Telephone: (403) 829-2246
Email: [email protected]

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. 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 accurate. correct.

Forward-looking information is based on the opinions and estimates of management as of the date the statements are made and is subject to a variety of risks and uncertainties as well as other factors that could cause the Actual events or results differ materially from those anticipated in the forecasts. search for information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and around the world; industry conditions, including government regulations; failure to obtain consents and approvals from industry partners and other third parties, if and when necessary; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be considered exhaustive.

Readers are cautioned not to place undue reliance on such forward-looking information, which is given as of the date hereof, and not to use such forward-looking information for any purpose other than its intended purpose. The Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or the 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 Law“) and may not be offered or sold in 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) WILL ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. .

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