VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) — West Mining Corp. (“West” or the “Company”) (CSE: WEST, OTC: WESMF, FRA: 1HL) is pleased to announce that it has closed its previously announced private placement financing (see the Company’s press release dated February 9, 2021). Under the financing, West has raised gross proceeds of $6,674,252 through the issuance of 11,248,500 units (each, a “Unit”) at a price of $0.40 per Unit and of 4,182,415 flow-through units (each, a “FT Unit”) at a price of $0.52 per FT Unit . Each Unit is comprised of one common share and one common share purchase warrant, each warrant exercisable for a common share at an exercise price of $0.60 for two years (subject to acceleration in certain circumstances). Each FT Unit is comprised of one flow-through common share and one common share purchase warrant, each warrant exercisable for a common share at an exercise price of $0.78 for one year (subject to acceleration in certain circumstances).
“The Company is extremely pleased with the appetite shown for the financing, and wish to thank all who participated,” commented Nicholas Houghton, President and CEO of West.
Under the financing, the Company paid a corporate finance fee of $10,000, paid aggregate finder’s fees of $446,139 and issued an aggregate of 1,029,655 finder’s warrants. 563,080 of the finder’s warrants are exercisable for a Unit at an exercise price of $0.40 for two years; 177,600 of the finder’s warrants are exercisable for a common share at an exercise price of $0.40 for two years; 137,028 of the finder’s warrants are exercisable for a unit (each comprised of one common share and one warrant exercisable for a common share at an exercise price of $0.78 for one year) at an exercise price of $0.52 for two years; and 151,947 of the finder’s warrants are exercisable for a common share at an exercise price of $0.52 for two years.
The securities issued under the private placement are subject to a four month hold period which expires June 27, 2021. The proceeds of the financing will be used for general working capital and for the exploration of the Company’s Kena Project, British Columbia.
The securities offered under the private placement have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S. persons absent registration or an
applicable exemption from the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in
solicitation or sale would
The Company has also issued an aggregate of 1,500,000 stock options to certain directors and consultants of the Company. Each option is exercisable for one common share at an exercise price of $1.10 per share for 10 years.
West Mining Corp. is a mineral exploration company acquiring & developing advanced and prospective early-stage exploration projects. It is mainly focused on its Kena project in the Nelson Mining District of South Eastern British Columbia, with two other properties in British Columbia and one near Bathhurst, New Brunswick.
For additional information, please refer to the Company’s public disclosure record available on SEDAR at www.sedar.com.
West Mining Corp.
President & CEO
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
fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with
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
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
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
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
revise any forward-looking information,
by applicable law.