![]() ![]() Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: Note Regarding Forward-Looking Information in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared by SRK Consulting (Canada) Inc. ![]() 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, silica, and nickel deposit using green processing techniques to minimize waste and CO 2 emissions. The closing of the Offerings is subject to certain closing conditions including but not limited to final acceptance and approval from the TSX Venture Exchange. The proceeds from the issuance of the Ordinary Units will be used for general working capital purposes and expenses. The proceeds from the issuance of the Flow-Through Units will be used to incur eligible "Canadian exploration expenses" and "Canadian development expenses", as both terms are defined in the Act, that qualify as "flow-through mining expenditures" related to the Company's Record Ridge magnesium deposit and Midnight gold claim. ![]() The Broker Warrants have identical terms to the Ordinary Warrants. ![]() (the " Broker"), equal to 6% of the number of Units issued under the Offerings to subscribers introduced by the Broker, and has paid the Broker a cash commission of $55,056, being 6% of the aggregate proceeds from the number of Units issued under the Offerings to subscribers introduced by the Broker. In connection with the Offerings, the Company issued 113,942 non-transferable share purchase warrants (the " Broker Warrants") to and as directed by GloRes Securities Inc. The Company issued a total of 1,570,00 Flow-Through Units for total proceeds of $785,000 and 868,000 Ordinary Units for total proceeds of $364,582.60, resulting in aggregate total proceeds raised of $1,149,582.60 under the Offerings. The terms of the Flow-Through Units and Ordinary Units were described in the Company's Decemnews release. The Company further confirms it has now completed both of its previously announced private placement offerings (collectively, the " Offerings") of flow-through units of the Company, issued on a "flow-through basis" under the Income Tax Act (Canada) (the " Flow-Through Units"), and Ordinary Units (the Ordinary Units together with the Flow-Through Units referred to herein as the " Units"). All securities issued in connection with the Closing are subject to a statutory hold period in accordance with applicable securities legislation ending on May 27, 2023. Each Ordinary Warrant, together with CAD$0.70, entitles the holder thereof to acquire one (1) additional Common Share until January 26, 2025. Each Ordinary Unit consists of one (1) Common share of the Company (each, a " Common Share") and one (1) Common Share purchase warrant (each, an " Ordinary Warrant"). The Ordinary Units were issued at a price of $0.42 per Ordinary Unit. The Closing consisted of the issuance of 159,524 Ordinary Units for gross proceeds of $67,000. ( TSXV: WHY) (" West High Yield" or the "Company") is pleased to announce, further to its news releases of December 13, 2022, Decemand January 18, 2023, that it has closed the final tranche (the "Closing") of its previously announced private placement offering (the "Offering") of ordinary units (the "Ordinary Units").
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