West High Yield (W.H.Y.) Resources Ltd. Commissions Pre-Feasibility Study for Record Ridge Magnesium Production Plant and Proceeds from Exercise of Warrants and Options
Calgary, February 14, 2022 - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that it has engaged Kingston Process Metallurgy Inc. ("KPM") of Kingston, Ontario to conduct a Pre-Feasibility Study and complete a National Instrument 43-101 compliant report for the development of the Company's semi-commercial and commercial production plants. The Company also announces the receipt of proceeds from the exercise of certain securities of the Company.
Pre-Feasibility Study
The Pre-Feasibility Study ("PFS") was commissioned to reflect the advancements the Company made in 2021 to the development of its proprietary metallurgical process. The PFS will produce detailed design and economic evaluation of its semi-commercial demonstration plant, in addition to a high-level design and economic evaluation of its commercial plant. The Company expects the PFS to validate the economic and environmental benefits and high purity products derived from a no waste/low CO2 emission extraction process. The demonstration plant is considered as the next step in the Company's project commercialization at its Record Ridge magnesium deposit, and will be used as a process/product development facility to support the commercial operation of the project.
The PFS is supported in part by advisory services and research and development funding from the National Research Council of Canada Industrial Research Assistance Program ("NRC IRAP"). KPM will lead the PFS with support from Kon Chemical Solutions ("KON") and Tenova, both in Austria, who designed and built an analogous plant in Europe. The PFS is expected to be completed by the end of May 2022.
"We are very pleased to launch the PFS with the overall objective of de-risking the Record Ridge magnesium project. Having reputable qualified professionals from KPM, Tenova, and KON validate the Company's economics, and assessing the project potential will highly support our efforts in advancing the project and in strengthening our upside and ability to deliver long-term value to our shareholders in an environmentally sensitive and responsible manner," said Frank Marasco Jr., CEO and President of West High Yield. "The Company is also very pleased to receive support from NRC IRAP for this new project, in addition to the support we received for a previous project."
Proceeds from Exercise of Warrants and Options
The Company further announces that announces that it has received proceeds totaling CAD$31,500 from the exercise of common share purchase warrants (the "Warrants") and options (the "Options").
One holder (the "Warrantholder") of Warrants exercised an aggregate of 50,000 Warrants resulting in the issuance of 25,000 common shares of the Company (each a "Warrant Share") and gross proceeds to the Company of CAD$7,500. Two (2) Warrants permitted the Warrantholder to acquire one (1) Warrant Share at an exercise price of CAD$0.30 per Warrant Share. The Warrants were issued in connection with a private placement financing of the Company which closed in February of 2021.
One holder (the "Optionholder") of Options exercised an aggregate of 200,000 Options resulting in the issuance of 200,000 common shares of the Company (each, an "Option Share") and gross proceeds to the Company of CAD$24,000. One (1) Option permitted the Optionholder to acquire one (1) Option Share at an exercise price of CAD$0.12 per Option Share. The Options were issued in connection with an option grant of the Company in September of 2020.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: frank@whyresources.com
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
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