- West High Yield (WHY) has completed its shares-for-debt settlement transactions
- To effect the debt settlement, WHY issued over 144,000 common shares at C$0.20 per common share to two creditors
- TSX Venture Exchange approved the debt settlement on January 14, 2021
- Currently, WHY is focusing on low cost, high purity and high margin magnesium products
- West High Yield is trading in the gray at C$0.20 per share
West High Yield (WHY) has completed its shares-for-debt settlement transactions.
The Calgary, Alberta-based mining company WHY has completed the settlement of just under C$29,000 of indebtedness as previously announced on December 20, 2020.
To effect the debt settlement, WHY issued over 144,000 common shares at C$0.20 per common share to two creditors.
TSX Venture Exchange approved the debt settlement on January 14, 2021.
The common shares issued in connection with the debt settlement will be subject to a statutory hold period. This period will be four months plus a day from the insurance date following applicable securities law registration.
During this past year, their shares have been making a small but steady climb.
The 52 week high is C$0.28, and the low has been C$0.07, with the inside ownership being around 37 per cent.
Currently, WHY is focused on low cost, high purity, and high margin magnesium products. With magnesium being one of USAs strategic minerals, it is a multi-purpose product.
According to WHY, the US production of refractory magnesia is declining, and consequently, imports are expected to be on the rise.
The mineral can be used in the automotive industry, cement, aerospace, batteries, and more popularly, agriculture and health. WHY is keen to focus on such sectors in the near future by partnering with other parties to develop multi- magnesium industry verticals.
Looking forward, WHY hopes to sell high-grade magnesium ore to multiple magnesium refineries.
West High Yield is trading in the gray at C$0.20 per share at 9:30 AM EST.
