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West High Yield” or the “
Company“) (TSXV: WHY) announces that, further to its news release dated March 23, 2021, it has received an extension from the TSX Venture Exchange (the “
TSX-V“) with respect to its previously announced disposition of a contractual royalty (the “
Royalty“) by way of the issuance of Royalty units to investors (the “
Transaction“).
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The outside date for all final submissions and filing requirements required by the TSXV for final acceptance of the Transaction has been extended by 30 days to May 26, 2021. All material terms of the Transaction remain unchanged. The Transaction remains subject to conditional and final approval of the TSXV.
West High Yield or the
Company ) announces that it intends to extend the expiry date of an aggregate of 1,150,000 stock options (the
Old Options ) granted on April 15, 2016, to the date that is 10 years from the grant date of each of the Old Options (the
Amendment ). The Old Options each have an exercise price of CAD$0.25 per Old Option. The Amendment is subject to TSX Venture Exchange approval.
The Company further announces the grant of 500,000 new stock options (the
New Options ) to consultants of the Company effective April 15, 2021. The New Options are granted in accordance with the terms of the stock option plan of the Company. All of the New Options vest on their date of grant and each New Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.18 per common share for a period of five (5) years from the date of grant of each New Option.
West High Yield (W.H.Y.) Resources Ltd.: West High Yield Announces Completion of Shares-For-Debt Settlement Transactions
West High Yield or the
Company ) announces that it has completed the settlement of CAD$28,946.40 of indebtedness (the Debt Settlement ) as originally announced on December 22, 2020. To effect the Debt Settlement, the Company issued 144,732 Common Shares (the
Common Shares ) at a deemed price of CAD$0.20 per Common Share to two creditors of the Company. The Debt Settlement was approved by the TSX Venture Exchange on January 14, 2021.
The Common Shares issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation.
West High Yield (W.H.Y.) Resources Ltd.: West High Yield Announces Royalty Unit Private Placement
West High Yield or the
Company ) announces that its board of directors has approved a non-brokered private placement (the
Offering ) of a contractual royalty (the
Royalty ) by way if the issuance of Royalty units (the
Royalty Units ) pursuant to applicable prospectus exemptions under Canadian securities legislation.
The Offering will comprise up a maximum of 40 Royalty Units priced at CAD$250,000 per Royalty Unit, for total gross proceeds of up to CAD$10,000,000. The Offering terms are such that each Royalty Unit will be issued to a Subscriber on a closing of the Offering in exchange for a cash payment of CAD$50,000 and the issuance of a promissory note (the