Vancouver, BC, Dec. 15, 2023 (GLOBE NEWSWIRE) — West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Financing”), raising gross proceeds of $150,000 through the issuance of 3,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one common share at an exercise price of $0.065 until December 15, 2025. Securities issued under the Financing are subject to a four month hold period in accordance with applicable Canadian securities laws, which expires April 16, 2024.
The Company intends to use the proceeds of the Financing for general working capital. No finder’s fees were paid in connection with the Financing.
The Company also announces that it will not be proceeding with its previously announced settlement of $37,500 of debt owed to an arm’s length third party. The debt will remain on the Company’s books, and the Company and the third party intend to explore options to repay or otherwise settle the debt in early 2024.
Nader Vatanchi, the Company’s CEO, said “we are pleased to close this financing as we look ahead to next year. Management and the board of directors decided to limit the amount of the financing to $150,000 and to not proceed with the debt settlement in order to reduce dilution to existing shareholders. Management and the board of directors intend to consider a number of strategic initiatives in early 2024, including possibly a follow-on financing transaction and/or a debt settlement transaction. We look forward to providing further updates in due course.”
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. It is fully focused on 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 recent 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 Kena Property also hosts the large Kena Copper Zone, along with with the historic Euphrates and Gold Cup gold-silver mines. 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 historic mines and known mineralized zones on these three properties are structurally controlled along a 20 kilometre strike as identified by strong geophysical signatures.
For additional information, please refer to the Company’s public disclosure record available on SEDAR+ at www.sedarplus.com.
West Mining Corp.
Nader Vatanchi
CEO
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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.
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