(via TheNewswire)
- up to 7,500,000 Units (each, a “Unit”) priced at
$0.40 each for gross proceeds of up to$3,000,000 . Each Unit will be comprised of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one common share at$0.60 for a period of two years from the date of issuance. Under the terms of the Warrants, West will be permitted to accelerate their expiry date if the volume weighted average trading price of the Company's common shares listed on the Canadian Securities Exchange (“CSE”) is at or above$0.90 for ten consecutive trading days; and- up to 3,846,154 Flow-Through Units (a “FT Unit”) priced at
$0.52 each for gross proceeds of up to$2,000,000 . Each FT Unit will be comprised of one flow-through common share and one transferable common share purchase warrant (a “FT Warrant”) to purchase one non-flow-through common share at$0.78 for a period of one year from the date of issuance. Under the terms of the FT Warrants, West will be permitted to accelerate their expiry date if the volume weighted average trading price of theCompany's common shares listed on the CSE is at or above$1.00 for ten consecutive trading days.
The funds raised in this financing will be used for general corporate expenses and for the exploration of the Company’s
Directors and officers of the Company may acquire securities under the financing, which participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The Company may pay certain finder's fees in relation to the financing. This non brokered private placement is subject to CSE approval. All securities issued pursuant to this
financing will be subject to a four-month and one day hold period from the closing date and are not being offered or registered in the United States.
The securities offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
The Company would also like to announce that Mr. Nicholas Houghton, a current director of West, has been appointed to the roles of President and Chief Executive Officer (“CEO”).
The Company is also very pleased to announce the appointment of Mr. John Mirko to the advisory board of West. “We would like to welcome
The Company also confirmed that it has issued an aggregate of 610,000 units to two arm’s length third parties as a finder’s fees under the Company’s previously announced acquisitions of
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring & developing advanced and prospective early-stage exploration projects. It is mainly focused on its Kena project
in the Nelson Mining District of South Eastern British Columbia, with two other properties in British Columbia and one near Bathhurst, New Brunswick.
For additional information, please refer to the Company’s public disclosure record available on SEDAR at www.sedar.com.
President & CEO nick@westminingcorp.com
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The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the potential of the Company’s mineral properties; the estimation of capital requirements; the estimation of operating costs; the timing and amount of future business expenditures; and the availability of necessary financing. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and exploration or operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward- looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
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