Magnesium battery technology on the cusp of commercialization
West High Yield Resources (WKN A1J5LQ / TSXV WHY) is arranging a private placement to raise a C$900,000 in fresh capital as it nears completion of the permitting process of its Record Ridge Magnesium Project in British Columbia.
According to the company, the shares will be offered in the form of units at a price of CAD 0.23, which represents an increase of $C0.03 compared to the last capital raise. Each unit consists of one share and one full warrant with a 12 months term. The exercise price of the warrants is $C0.35. In total, up to 3,913,043 units of the company will be offered.
The proceeds from the offering will be used to: (a) complete the permitting process; (b) cover essential operating expenses; and (c) provide general working capital.
Additionally, the Company has extended the maturity date of two existing loan agreements with Big Mountain Development Corp. Ltd. to December 31, 2026.
West High Yield is focused on developing and advancing one of North America’s largest and highest-grade magnesium deposits at the Record Ridge Magnesium, Silica and Nickel Deposit. Located 10 kilometers southwest of Rossland, B.C., the deposit contains approximately 10.6 million tons of magnesium, based on an independent National Instrument 43-101 Preliminary Economic Assessment Technical Report prepared by SRK Consulting (Canada) Inc. Due to its unique geology, the Record Ridge deposit is ideally suited to be developed using environmentally friendly processing techniques.
Magnesium battery technology on the cusp of commercialization
Attached, is a recent article that details the game-breaking magnesium battery technology that is on the cusp of commercialization and its importance to the future global energy transition. This is another tailwind reinforcing the West High Yield Resources critical mineral project and the need for safe and secure supply chains outside of China. WHY Resources Record Ridge Industrial Mineral Mine is in the final stage of permitting and preparing for the potential to begin construction and mining in Q2 of 2025.
https://www.ecoticias.com/en/magnesium-battery-electric-vehicles/11434/#google_vignette
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