Business
West Mining Corp. Announces $5,000,000 Financing and Changes to the Board of Directors and Management
(TheNewswire) Vancouver, B.C. - TheNewswire - February 9, 2021 - West M...
About this update from West Mining Corp.
[{"type":"text","content":"West Mining Corp. Announces $5,000,000 Financing and Changes to the Board of Directors and Management\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire -\n \n \n February 9, 2021 - West Mining Corp.\n \n \n (“West” or the “Company”)\n \n \n (C\n \n \n NSX\n \n \n :WEST.\n \n \n CN)\n \n \n (\n \n \n OTC:WESMF\n \n \n ) (\n \n \n FRA:1HL)\n \n \n is pleased to announce that it\nhas\n \n \n engaged\n \n \n Ascenta\n \n \n Finance\n \n \n Corp.\n \n \n to\n \n \n conduct\n \n \n a\n \n \n private\n \n \n placement\n \n \n financing\n \n \n for gross\n \n \n proceeds\n \n \n of\n \n \n up\n \n \n to\n$5,000,000\n \n \n through\n \n \n the\n \n \n issuance\n \n \n of:\n \n \n \n \n \n \n - up to 7,500,000 Units (each, a “Unit”) priced at\n$0.40 each for gross proceeds of\n \n \n up to\n$3,000,000. Each Unit will be comprised of one common share and\none\n \n \n transferable\n \n \n common\n \n \n share\n \n \n purchase\n \n \n warrant\n \n \n (a\n \n \n “Warrant”).\n \n \n Each\n \n \n Warrant\n \n \n will\n \n \n be\n \n \n exercisable\n \n \n for\n \n \n one\n \n \n common\n \n \n share\n \n \n at\n \n \n $0.60\n \n \n for\n \n \n a\n \n \n period\n \n \n of\n \n \n two\n \n \n years\n \n \n from\n \n \n the\n \n \n date of\n \n \n issuance.\n \n \n Under\n \n \n the\n \n \n terms\n \n \n of\n \n \n the\n \n \n Warrants,\n \n \n West\n \n \n will\n \n \n be\n \n \n permitted\n \n \n to\n \n \n accelerate their expiry date if the volume weighted average\ntrading price of the Company's\n \n \n common shares\nlisted on the Canadian Securities Exchange (“CSE”) is at or\n \n \n above\n \n \n $0.90\n \n \n for\n \n \n ten\n \n \n consecutive\n \n \n trading\n \n \n days;\n \n \n and\n \n \n \n \n - up to 3,846,154 Flow-Through Units (a “FT Unit”)\npriced at $0.52 each for gross\n \n \n proceeds\n \n \n of\n \n \n up\n \n \n to\n \n \n $2,000,000.\n \n \n Each\n \n \n FT\n \n \n Unit\n \n \n will\n \n \n be\n \n \n comprised\n \n \n of\n \n \n one\n \n \n flow-through\n \n \n common share and one\ntransferable common share purchase warrant (a “FT\n \n \n Warrant”) to purchase one non-flow-through common share at\n$0.78 for a period of one year from the date of issuance. Under the\nterms of the FT Warrants, Wes...