Placement Arranged at Higher Price
West High Yield Resources (WKN A1J5LQ / TSXV WHY) is arranging a private placement to raise fresh capital of CAD 900,000, as the company is nearing the completion of the permitting process for its Record Ridge magnesium project in British Columbia.
According to the company, the shares are being offered in the form of units at a price of CAD 0.23, which represents an increase of CAD 0.03 compared to the last capital raise. Each unit consists of one share and one full warrant with a term of 12 months. The exercise price of the warrants is CAD 0.35. A total of up to 3,913,043 units of the company are being offered.
The proceeds from the offering will be used for the following purposes: (a) completion of the permitting process; (b) coverage of essential operating costs; and (c) provision of general working capital.
Additionally, the company has extended the maturity of two existing loan agreements with Big Mountain Development Corp. Ltd. until December 31, 2026.
West High Yield is focused on the development and advancement of one of North America’s largest and highest-grade magnesium deposits, the Record Ridge Magnesium, Silica, and Nickel deposit. The deposit is located 10 kilometers southwest of Rossland, B.C., and contains approximately 10.6 million tonnes of magnesium, based on an independent technical report in accordance with National Instrument 43-101 (Preliminary Economic Assessment) prepared by SRK Consulting (Canada) Inc. Due to its unique geology, the Record Ridge deposit is ideally suited for development using environmentally friendly processing techniques.
Groundbreaking Magnesium Battery Technology on the Verge of Commercialization
Below you will find a recent article describing the groundbreaking magnesium battery technology that is on the verge of commercialization and its significance for the future global energy transition. This is another tailwind strengthening West High Yield Resources’ critical minerals project and the need for secure and protected supply chains outside of China. WHY Resources’ Record Ridge Industrial Mineral Mine is in the final stages of permitting and preparing for potential construction start and mining in the second quarter of 2025.
