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West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Oversubscribed Private Placement
Calgary, Alberta--(Newsfile Corp. - December 23, 2022) - West High Yield (W.H.Y.) Resources Ltd. ...
About this update from West High Yield (w.h.y.) Resources Ltd.
[{"type":"text","content":"West High Yield (W.H.Y.) Resources Ltd. Announces First Tranche Closing of Oversubscribed Private PlacementCalgary, Alberta--(Newsfile Corp. - December 23, 2022) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (\"West High Yield\" or the \"Company\") is pleased to announce, further to its news release of December 13, 2022, that it has closed the first tranche (the \"Closing\") of both of its previously announced private placement offerings (the \"Offerings\") of flow-through units of the Company (the \"Flow-Through Units\") and ordinary units of the Company (the \"Ordinary Units\" and together with the Flow-Through Units, the \"Units\"). The Flow-Through Units were issued at a price of $0.50 per Flow-Through Unit and the Ordinary Units were issued at a price of $0.42 per Ordinary Unit.Each Flow-Through Unit consists of one (1) Common share of the Company (each, a \"Common Share\") issued on a \"flow-through basis\" under the Income Tax Act (Canada) (the \"Act\") and one half (1/2) of one (1) Common Share purchase warrant (each, a \"Flow-Through Warrant\"). Each Flow-Through Warrant, together with CAD$0.70, entitles the holder thereof to acquire one (1) additional Common Share until June 22, 2024. Each Standard Unit consists of one (1) Common Share and one (1) Common Share purchase warrant (each, a \"Standard Warrant\"). Each Standard Warrant, together with CAD$0.70, entitles the holder thereof to acquire one (1) additional Common Share until December 23, 2024. The Closing consisted of the issuance of 1,570,00 Flow-Through Units for gross proceeds of $785,000 and 399,000 Ordinary Units for gross proceeds of $167,580, representing aggregate gross proceeds of $952,580. In connection with the Closing, the Company issued 113,942 non-transferable share purchase warrants (the \"Broker Warrants\") to and as directed by GloRes Securities Inc. (the \"Broker\"), equal to 6% of the number of Units issued under the Closing to subscribers introduced by the Broker, and is required to pay the Broker a cash commission of $55,056, being 6% of the aggregate proceeds from the number of Units sold under the Closing to subscribers introduced by the Broker. The Broker Warrants have identical terms to the Standard Warrants. All securities issued in connection with the Closing are subject to a statutory hold period in accordance with applicable se...