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  • West High Yield Resources (WHY) has announced a debt settlement agreement with an arm’s-length creditor
  • WHY has agreed to convert $1,883,822.00 in debt owed to a creditor into common shares in order to preserve cash while settling the outstanding debt
  • An option holder exercised a total of 200,000 options for 200,000 shares of the company
  • West High Yield is a junior mining exploration and development company
  • West High Yield (W.H.Y.) Resources Ltd. (WHY) is unchanged on the day, trading at C$0.55 per share at 1:15 pm ET

West High Yield Resources (WHY) has announced a debt settlement agreement with an arm’s-length creditor.

The company also announced the receipt of proceeds from the exercise of warrants.

WHY has agreed to convert $1,883,822.00 in debt owed to a creditor into common shares. The company is proposing to issue the shares in order to preserve cash to fund future operations.

WHY has agreed to issue 3,139,370 shares to the creditor at a price of $0.60 per share in full satisfaction of the debt. 

The shares to be issued will be subject to a four month hold period. The arrangement is subject to the approval of the TSX Venture Exchange

WHY announced that an option holder exercised 200,000 options for 200,000 shares of the company. The options were exercisable for C$0.12 per share.

West High Yield is a junior mining exploration and development company focused on the exploration and development of mineral resource properties in Canada.

West High Yield (W.H.Y.) Resources Ltd. (WHY) is unchanged on the day, trading at C$0.55 per share at 1:15 pm ET.

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