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West Mining Corp (2)
Symbol WEST
Shares Issued 15,096,230
Close 2024-07-22 C$ 0.36
Market Cap C$ 5,434,643
Recent Sedar Documents

West Mining closes $549,510 private placement

2024-07-22 18:18 ET - News Release

Mr. Nader Vatanchi reports

WEST MINING CLOSES PRIVATE PLACEMENT

West Mining Corp. has closed its previously announced non-brokered private placement, raising gross proceeds of $549,510 through the issuance of an aggregate of 1,831,700 units at a price of 30 cents per unit. The financing was conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. 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, related to the financing, which offering document can be accessed under the company's profile on SEDAR+ and on the company's website. 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 40 cents until July 22, 2026, provided that if the closing price of the common shares on the Canadian Securities Exchange is at or above 60 cents for 10 consecutive trading days, then the expiry date for the warrants will be automatically accelerated to the date that 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 finders' fees of $53,001 and issued an aggregate of 176,670 finders' warrants, each exercisable for one common share at a price of 30 cents until July 22, 2026. The finders' warrants are subject to a four-month hold period expiring Nov. 23, 2024, in accordance with applicable Canadian securities laws.

About West Mining Corp.

West Mining is a mineral exploration company acquiring and developing advanced and early-stage exploration projects. Its flagship project is its 100-per-cent-owned, 9,000-hectare prospective Kena project, located near Nelson, B.C. The Kena project comprises three adjoining properties: Kena, Daylight and Athabasca. A 2021 NI 43-101 resource estimate for Kena gave 561,900 ounces gold (Au) indicated and 2,773,100 oz Au inferred in the Gold Mountain, Kena Gold and Daylight zones. The Daylight property contains the historical past-producing Daylight, Starlight, Victoria, Irene and Great Eastern gold mines. Along trend to the north is the Athabasca property, with the historical Athabasca gold mine. The company also holds a 100-per-cent interest in its Spanish Mountain and Junker properties.

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