West Mining Issues Shares to Settle Outstanding Debt

Rhea-AI Summary

West Mining Corp. (CSE:WEST, OTC PINK:WESMF, FRA:1HL) has successfully closed its previously announced debt settlement transaction. The company issued 115,385 common shares to an arm's length creditor at a deemed price of $0.26 per share, settling an outstanding debt of $30,000. This issuance is subject to a four-month hold period ending December 7, 2024, in compliance with applicable securities laws and Canadian Securities Exchange policies.

Positive

• Successful settlement of $30,000 in outstanding debt
• Debt settled through share issuance, preserving cash reserves

Negative

• Potential dilution of existing shareholders' ownership due to new share issuance

VANCOUVER, BC / ACCESSWIRE / August 6, 2024 / West Mining Corp. ("West" or the "Company") (CSE:WEST)(OTC PINK:WESMF)(FRA:1HL) is pleased to announce that it has closed its previously announced debt settlement transaction (see the Company's news release dated July 29, 2024), issuing 115,385 common shares of the Company ("Shares") to an arm's length creditor at a deemed price of $0.26 per Share to settle an aggregate of $30,000 in outstanding debt owed by the Company. The Shares are subject to a four month hold period expiring December 7, 2024, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

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.

Contact Information

Nader Vatanchi
CEO
nadervatanchi@hotmail.com
778-881-4631

SOURCE: West Mining Corp.

View the original press release on accesswire.com

FAQ

How many shares did West Mining Corp. (WESMF) issue to settle its debt?

West Mining Corp. issued 115,385 common shares to settle its outstanding debt.

What was the deemed price per share for West Mining Corp.'s (WESMF) debt settlement?

The deemed price per share for West Mining Corp.'s debt settlement was $0.26.

How much debt did West Mining Corp. (WESMF) settle through this share issuance?

West Mining Corp. settled $30,000 in outstanding debt through this share issuance.

When does the hold period for the newly issued shares of West Mining Corp. (WESMF) expire?

The hold period for the newly issued shares expires on December 7, 2024.