West Mining to Settle Outstanding Debt With Shares

Rhea-AI Summary

West Mining Corp. (CSE:WEST)(OTC:WESMF) has announced a debt settlement agreement with a creditor. The company will issue 115,385 common shares at a deemed price of $0.26 per share to settle $30,000 in outstanding debt. The issued shares will be subject to a four-month hold period.

West Mining's flagship project is the 100% owned, 9000-hectare Kena Project near Nelson, British Columbia. A 2021 NI43-101 resource estimate for Kena reported 561,900 oz Au indicated and 2,773,100 oz Au inferred in the Gold Mountain, Kena Gold, and Daylight Zones. The company also owns the Spanish Mountain and Junker properties.

Positive

• Settling $30,000 of outstanding debt through share issuance
• Ownership of 100% of the 9000-hectare Kena Project
• 2021 NI43-101 resource estimate showing significant gold resources at Kena Project

Negative

• Potential dilution of existing shareholders due to new share issuance

VANCOUVER, BC / ACCESSWIRE / July 29, 2024 / West Mining Corp. ("West" or the "Company") (CSE:WEST)(OTC:WESMF)(FRA:1HL) is pleased to announce that it will enter into debt settlement agreement with a creditor of the Company, pursuant to which the Company will issue an aggregate of 115,385 common shares of the Company ("Shares") to the creditor at a deemed price of $0.26 per Share to settle an aggregate of $30,000 in outstanding debt owed by the Company. When issued, the Shares will be subject to a four month hold period 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 is West Mining Corp (WESMF) issuing to settle its debt?

West Mining Corp is issuing 115,385 common shares to settle $30,000 in outstanding debt with a creditor.

What is 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 is $0.26.

What are the gold resources reported in the 2021 NI43-101 estimate for West Mining Corp's (WESMF) Kena Project?

The 2021 NI43-101 resource estimate for the Kena Project reported 561,900 oz Au indicated and 2,773,100 oz Au inferred in the Gold Mountain, Kena Gold, and Daylight Zones.

How long is the hold period for the newly issued shares of West Mining Corp (WESMF)?

The newly issued shares of West Mining Corp will be subject to a four-month hold period in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.