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  • The loan, to be provided by Big Mountain Development Corp. Ltd., will have a term of 12 months and will carry an interest rate of 10% per annum
  • West High Yield also announced the closing of its private placement of 1,325,000 units at a price of $0.20 per unit for gross proceeds of $265,000.00
  • The proceeds of the loan and the private placement will fund the company’s application for the mining permit for the Record Ridge magnesium/nickel mine
  • West High Yield is a publicly-traded junior mining exploration company
  • West High Yield Resources (WHY) is unchanged, trading at $0.16 per share at 2:30 pm ET

West High Yield Resources (WHY) has arranged for C$750,000 loan and has closed its $265,000 private placement.

The loan, to be provided by Big Mountain Development Corp. Ltd., will have a term of 12 months and will carry an interest rate of 10% per annum.

The loan will be secured by the previously executed first charge general security agreement on all of the present and after-acquired property of the company granted in favour of the lender.

West High Yield also announced the closing of its private placement of 1,325,000 units at a price of $0.20 per unit for gross proceeds of $265,000.00.

Each unit includes one common share and one common share purchase warrant.

The warrants expire 12 months from the date of issue. Two warrants, along with $0.30 will entitle the holder to acquire one additional share of West High Yield.

No finder’s fee was paid to any person in relation to this private placement. 

The proceeds of the loan and the private placement will be used to fund the company’s application to the British Columbia Department of Mines for the mining permit for the Record Ridge magnesium/nickel mine located in Rossland, British Columbia and for general working capital.

West High Yield is a publicly-traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada. The company’s primary objective to locate and develop economic gold, nickel and magnesium properties.

West High Yield Resources (WHY) is unchanged, trading at $0.16 per share at 2:30 pm ET.

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