West High Yield (W.H.Y.) Resources Ltd. Announces Flow-Through Private Placement Offering

Calgary, Alberta--(Newsfile Corp. - December 16, 2021) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce a brokered private placement offering for aggregate gross proceeds of up to CAD$2,500,000 (the "Offering"). GloRes Securities Inc. (the "Agent") will act as Agent for the Offering.

The Offering shall consist of the issuance of up to 2,976,190 units (the "Units") of the Company at a price of CAD$0.84 per Unit. Each Unit shall be comprised of: (i) one (1) common share of the Company (each, a "Common Share") issued on a "flow-through basis" under the Income Tax Act (Canada) (the "Act") for Canadian Exploration Expense (CEE) as defined in the Act; and (ii) one-half (1/2) of a Common Share purchase warrant (each, a "Warrant"). One (1) full Warrant, together with CAD$1.25, will entitle the holder thereof to acquire one (1) additional Common Share of the Company for a period of eighteen (18) months from the date of issuance. The Warrants will not be listed on the TSX Venture Exchange (the "TSXV").

For its role as broker under the Offering, Agent will receive: (i) a cash commission equal to 6.0% of the proceeds of the Offering raised from investors introduced to the Company by the Agent; and (ii) broker warrants (the "Broker Warrants") equal to 6.0% of the number of Units sold under the Offering to investors introduced to the Company by the Agent. The Broker Warrants will be issued to and exercisable by the Agent on the same terms and conditions as the Warrants.

The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSXV. All securities issued pursuant to the Offering are subject to the statutory hold period that expires four months and one day from their issuance.

Use of Proceeds from the Offering

The proceeds from the Offering will be used by the Company to support its gold drilling program for 2022 on its Midnight property which has already been permitted, allocated as per regulatory guidelines. The Company plans to drill holes to a depth of at least 600 meters per hole at its Midnight property.

The Company, using analysis from its 2009 26-hole gold drill program (the "2009 Drill Program"), noted that except for two holes (MN09-19 and MN09-26) from the 2009 Drill Program, all holes intersected a series of quartz veins and gold bearing serpentinites with significant gold values. Most notably from the 2009 Drill Program were: (i) hole MN09-15, which returned weighted average of 40.1 g/tonne over a true width of 2.3 m including 198 g/tonne Au for a true width of 0.8 m near surface (13.9 m in drill depth); and (ii) hole MN09-24, which returned a weighted average of 25.16 g/tonne over a true width of 3.6 m including 73.23 g/tonne Au for a true width of 1.2 m. For more detailed information, please refer to the Company's September 24, 2020, news release or its website.

Based on the results from the 2009 Drill Program, the Company plans to further define the gold mineralization on its Midnight property in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107874