- West High Yield (W.H.Y.) Resources (WHY) has completed a fifth tranche closing under the drawdown equity financing facility with Alumina Partners (Ontario)
- Under the closing of the Fifth Tranche, the company issued 925,925 units to Alumina at a price of C$0.27 per unit for gross proceeds of C$250,000
- The company plans to use the funds under each tranche closing of the facility to move forward with its pre-feasibility study stage-3
- West High Yield is a publicly-traded junior mining exploration and development company
- West High Yield (W.H.Y.) Resources Ltd. was unchanged at $0.34 at 1:07 PM ET
West High Yield Resources (WHY) has completed the fifth tranche closing under the drawdown equity financing facility with Alumina Partners (Ontario).
Alumina Partners (Ontario) is an affiliate of New York-based private equity firm Alumina Partners.
Under the closing of the Fifth Tranche, West High Yield issued 925,925 units to Alumina at a price of C$0.27 per unit for gross proceeds of C$250,000.
Each unit consists of one common share of the company and one share purchase warrant.
The subscription price of the units is based on an allowable discounted closing price of the shares on the TSX Venture Exchange as reflected in Form 4A filed with the TSXV by the company on September 20, 2022.
Each warrant in the Fifth Tranche is exercisable into one additional share at a price of C$0.45 for 36 months from the date of closing.
West High Yield plans to use the funds under each tranche closing of the facility to move forward with its pre-feasibility study stage 3.
This includes the detailed design and economic evaluation of its semi-commercial demonstration plant and making preparations for mining of the magnesium ore in 2022 at its Record Ridge magnesium deposit in Rossland, British Columbia, Canada.
West High Yield is a publicly-traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
West High Yield (W.H.Y.) Resources Ltd. was unchanged at $0.34 at 1:07 PM ET.