West High Yield (W.H.Y.) Resources Ltd.
TSX VENTURE : WHY

West High Yield (W.H.Y.) Resources Ltd.

June 08, 2009 08:30 ET

West High Yield Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - June 8, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.

West High Yield (W.H.Y.) Resources Ltd. (the "Company") (TSX VENTURE:WHY) announces that it has closed its previously announced private placement financing (the "Offering") to the MineralFields Group consisting of 1,250,000 Units ("Units") at a price of $0.40 per Unit, for aggregate gross proceeds of $500,000. Each Unit consists of one common share in the capital stock of the Company, issued as a "flow-through common share" and one common share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.60 per common share, at any time on or before June 5, 2010, and thereafter, at an exercise price of $0.80 per common share at any time up to June 5, 2011. The securities issued in connection with this Offering are subject to a four (4) month hold period.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

Operations Report

The Company also advises that it will commence its 2009 Gold Exploration Drilling Program on its Rossland, British Columbia property on June 8, 2009.

About West High Yield

West High Yield is a publicly traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold, nickel, and magnesium properties.

42,080,794 Common Shares Issued

READER ADVISORY 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 or accuracy of this release.

Contact Information

  • West High Yield (W.H.Y.) Resources Ltd.
    Frank Marasco
    President and Chief Executive Officer
    (403) 660-3488
    (403) 206-7159 (FAX)
    Email: frank@whyresources.com
    or
    West High Yield (W.H.Y.) Resources Ltd.
    Dwayne Vinck
    Chief Financial Officer
    (403) 257-2637
    (403) 206-7159 (FAX)
    Email: vinck@shaw.ca
    or
    West High Yield (W.H.Y.) Resources Ltd.
    28 Arbour Lake Drive N.W.
    Calgary, Alberta T3G 3N8