By Laura Lutz
Des Moines, May 10 - West High Yield Resources Ltd. settled a private placement of units for C$2.925 million.
The company sold 4.5 million units of one share and one half-share warrant at C$0.65 per unit. Each whole warrant will be exercisable at C$1.00 for two years.
Expiry of the warrants may be accelerated to 30 days if the company's shares trade at or above C$1.50 for 20 consecutive trading days.
Proceeds will be used for working capital, exploration and future acquisitions.
IBK Capital Corp. acted as agent.
West High Yield is a mineral exploration company based in Calgary, Alta.
| Issuer: | West High Yield Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.925 million
|
| Units: | 4.5 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | IBK Capital Corp.
|
| Settlement date: | May 10
|
| Stock symbol: | TSX Venture: WHY
|
| Stock price: | C$0.84 at close May 9
|
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