- West High Yield Resources (WHY) is looking to raise up to C$3.6 million to fund drilling work at its Midnight property in British Columbia
- The financing will consist of two placements, the first for 7 million flow-through units at a price of $0.30 each to raise $2.1 million
- A second component will consist of 7.5 million regular units at a price of $0.20 each to raise $1.5 million
- The company intends to drill up to 20,000 metres at the Midnight property across 22 holes, and will dedicate a portion of the proceeds to secure a mining permit for the Record Ridge Mine
- West High Yield Resources (WHY) is currently up 20.83 per cent and is trading at $0.29 per share
West High Yield Resources (WHY) is looking to raise up to C$3.6 million to fund exploration at its Midnight property in British Columbia.
The financing will consist of two separate placements. Under the first, the Calgary-based company intends to raise $2.1 million by issuing 7 million flow-through units at a price of $0.30 each.
These units will consist of one flow-through common share and half of one flow-through share purchase warrant. Each whole warrant will be exercisable at a price of $0.40 per share for a period of 12 months from the date of issuance.
Under the second placement, West High Yield intends to raise $1.5 million by issuing 7.5 million regular units at a price of $0.20 each.
These units will also be comprised of one common share and half of one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.30 over a period of 12 months.
Both placements have a minimum subscription amount of $5,000 and are expected to close by November 18, 2020, subject to final approval from the TSX Venture Exchange.
West High Yield says the proceeds will be used to fund the completion of a drill program at its Midnight property, located in the Rossland Gold Camp of British Columbia. The program will cover up to 20,000 metres across 22 holes.
A portion of the proceeds will also be used to secure a mining permit for the Record Ridge magnesium and nickel mine, which will allow for the extraction and sale of up to 249,999 tonnes of industrial rock each year.
West High Yield Resources (WHY) is currently up 20.83 per cent and is trading at $0.29 per share at 11:51am EDT.