Business
West High Yield (W.H.Y.) announces annual financial results
West High Yield (W.H.Y.) announces annual financial results.
About this update from West High Yield (w.h.y.) Resources Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS./\n\n\nTSXV Trading Symbol: "WHY"\n\n\n34,585,144 Common Shares Issued\n\n\nCALGARY, April 9 /CNW/ - West High Yield (W.H.Y.) Resources Ltd.\n("West High Yield" or the "Company") is pleased to announce its audited\nfinancial results for the year ended December 31, 2006.\n\n\nHighlights\n\n- On July 27, 2006, the Company became publicly traded when it\n completed its initial public offering of securities that was fully\n subscribed for gross proceeds of $2,000,000.\n- Successful 2006 drilling program comprising over 10,000 feet of\n diamond drilling over 21 holes.\n- Completion of a flow-through financing in December, 2006 that raised\n $1,100,000.\n\n\nWest High Yield's financial condition improved in 2006. At December 31,\n2006, the Company had a working capital surplus of $1,657,594 compared to a\nworking capital deficiency of $1,612,811 at December 31, 2005 when it was\nstill a private Company. This improved financial position is as a result of\nthe initial public offering of securities that occurred in July, 2006, the\nexchange of debt due to a related company for shares at that same date as well\nas a flow-through share financing completed in December, 2006. During the year\nfunds were expended on an extensive diamond drilling program on the Company's\nproperties near Rossland, British Columbia.\n\n\nDuring the year ended December 31, 2006, the Company had a net loss of\n$1,986,511 or $0.07 per share compared to a loss of $562,880 or $0.04 per\nshare in 2005. During 2006, the Company expended $864,397 on its mineral\nexploration project ($224,849 in 2005), $340,810 of head office expense\n($124,303 in 2005) and $115,840 of interest expense and bank charges ($215,848\nin 2005). In addition the Company recorded non-cash expenses of $682,063\nrelating to stock based compensation (nil in 2005) and $6,268 for depreciation\nand amortization expense ($900 in 2005).\n\n\nThe drilling season for the Company was completed on December 2, 2006.\nDuring the year, 21 core holes were completed in Phase 2 of the diamond drill\nprogram on its properties located on the western outskirts of Rossland in\nsoutheastern British Columbia. During the season, a total of 10,074 feet of\ncore was drilled on the Rossland Gold Camp property near Rossland, ...