West Mining Closes Oversubscribed Private Placement
Vancouver, May 29, 2024 - West Mining Corp. ("West" or the "Company") (CSE: WEST) (OTC: WESMF) (FRA: 1HL) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Financing"), raising gross proceeds of $825,000 through the issuance of an aggregate of 4,125,000 units at a price of $0.20 per unit. Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable for one common share at a price of $0.40 until May 30, 2026. In connection with the Financing, the Company paid finder's fees of $55,889 and issued an aggregate of 215,500 finder's warrants, each exercisable for one common share at a price of $0.20 until May 30, 2026. Securities issued under the Financing are subject to a four month hold period expiring September 30, 2024, in accordance with applicable Canadian securities laws. The Company intends to use the proceeds of the Financing for general working capital.
The Company also announces that it has issued an aggregate of 400,000 common shares of the Company at a price of $0.39 per share as consideration for advisory services that have been and will continue to be provided to the Company by an arm's length service provider. The shares are subject to a four month hold period expiring September 30, 2024, in accordance with the policies of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring and developing advanced and early-stage exploration projects. Its flagship project is its 100% owned, 9000 hectare prospective Kena Project located near Nelson, British Columbia. The Kena Project comprises three adjoining Properties: Kena, Daylight and Athabasca. A recent NI43-101 resource estimate for Kena gave 561,900 oz Au indicated and 2,773,100 oz Au inferred in the Gold Mountain, Kena Gold and Daylight Zones. The Daylight property contains the historic past producing Daylight, Starlight, Victoria, Irene and Great Eastern gold mines. Along trend to the north is the Athabasca Property, with the historic Athabasca Gold Mine. The company also holds a 100% interest in its Spanish Mountain and Junker properties.
For additional information, please refer to the Company's public disclosure record available on SEDAR+ at www.sedarplus.com.
Nader Vatanchi
778-881-4631
CEO
nadervatanchi@hotmail.com
778-881-4631
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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.
