West Mining Closes Private Placement

Rhea-AI Summary

West Mining Corp (CSE:WEST, OTC:WESMF) has successfully closed its non-brokered private placement, raising $549,510 through the issuance of 1,831,700 units at $0.30 per unit. Each unit comprises one common share and one transferable share purchase warrant, exercisable at $0.40 until July 22, 2026. The company will use the proceeds for exploration of its Spanish Mountain and Junker properties, marketing/investor relations, and general working capital.

In connection with the financing, West Mining paid $53,001 in finder's fees and issued 176,670 finder's warrants. The company's flagship project is the 9000-hectare Kena Project near Nelson, British Columbia, which includes a 2021 NI43-101 resource estimate of 561,900 oz Au indicated and 2,773,100 oz Au inferred.

Positive

• Successful private placement raising $549,510
• Proceeds to be used for exploration of Spanish Mountain and Junker properties
• Kena Project has significant gold resources: 561,900 oz Au indicated and 2,773,100 oz Au inferred

Negative

• Issuance of new shares and warrants may lead to potential dilution for existing shareholders

VANCOUVER, BC / ACCESSWIRE / July 22, 2024 / West Mining Corp. ("West" or the "Company") (CSE:WEST)(OTC PINK:WESMF)(FRA:1HL) is pleased to announce that it closed its previously announced non-brokered private placement (the "Financing"), raising gross proceeds of $549,510 through the issuance of an aggregate of 1,831,700 units at a price of $0.30 per unit. The Financing was conducted pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Exemption"). The Company filed a Form 45-106F19 offering document dated June 24, 2024, and an amended and restated Form 45-106F19 Listed Issuer Financing Document dated as of July 19, 2024 (the "Offering Document") related to the Financing, which Offering Document can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at: www.westminingcorp.ca. The Company will use the proceeds of the Financing for exploration of its Spanish Mountain and Junker properties, marketing/investor relations and general working capital.

Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.40 until July 22, 2026, provided that if the closing price of the common shares on the Canadian Securities Exchange is at or above $0.60 for 10 consecutive trading days, then the expiry date for the warrants will be automatically accelerated to the date which is 30 days after the date the Company provides notice of such acceleration to the holders of the warrants by issuing a news release. The securities issued to investors under the Financing are not subject to any statutory hold period under applicable securities laws.

In connection with the Financing, the Company paid finder's fees of $53,001 and issued an aggregate of 176,670 finder's warrants, each exercisable for one common share at a price of $0.30 until July 22, 2026. The finder's warrants are subject to a four month hold period expiring November 23, 2024, in accordance with applicable Canadian securities laws.

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 2021 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.

West Mining Corp.
Nader Vatanchi
778-881-4631
nadervatanchi@hotmail.com

###

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.

SOURCE: West Mining Corp

View the original press release on accesswire.com

FAQ

How much did West Mining Corp (WESMF) raise in its recent private placement?

West Mining Corp (WESMF) raised gross proceeds of $549,510 in its recent non-brokered private placement.

What is the exercise price and expiry date for the warrants issued by West Mining Corp (WESMF)?

The warrants issued by West Mining Corp (WESMF) have an exercise price of $0.40 and expire on July 22, 2026, subject to potential acceleration.

What are the main properties owned by West Mining Corp (WESMF)?

West Mining Corp (WESMF) owns the 9000-hectare Kena Project near Nelson, BC, which includes the Kena, Daylight, and Athabasca Properties. The company also holds 100% interest in the Spanish Mountain and Junker properties.

What is the gold resource estimate for West Mining Corp's (WESMF) Kena Project as of 2021?

According to the 2021 NI43-101 resource estimate, West Mining Corp's (WESMF) Kena Project has 561,900 oz Au indicated and 2,773,100 oz Au inferred in the Gold Mountain, Kena Gold, and Daylight Zones.