West High Yield (W.H.Y.) Resources Ltd. Announces Terms of Consultancy Mandate Agreement
Calgary, Alberta--(Newsfile Corp. - October 26, 2023) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that it has engaged ACS Moschner & Co GmbH ("ACS"), a company based out of Vienna, Austria, to provide exclusive consulting services in an effort to explore alternative growth options and realize the full potential for the Company, pursuant to a Consultancy Mandate Agreement (the "Agreement") in compliance with the applicable policies of the TSX Venture Exchange.
For the provision of service rendered by ACS under the Agreement, the Company will pay ACS a success fee calculated as a percentage of the transaction value of all monies or consideration received by the Company via candidates sourced and introduced to the Company by ACS, who successfully enter into an investment or purchase or other partnership agreement with the Company. The Agreement will be in effect for a period of one (1) year (the "Initial Term"), and both parties shall have the ability to extend the Initial Term by mutual consent for further one (1) year term extensions thereafter, contingent upon ACS's performance. If the parties do not exercise their mutual intention to extend the Agreement after expiration of the Initial Term, the Agreement terminates.
ACS does not have any interest, directly or indirectly, in the Company, will not receive common shares or options as compensation, and does not have any present intention to acquire any securities of the Company aside from as is necessary to perform its obligations under the Agreement.
ACS is part of ACS Group, an international, cross-border association of independent consulting companies represented on each continent. Holding the actual presidency of ACS Group, ACS will coordinate the efforts of ACS Group in this mandate. For decades, ACS has excelled in supporting the development of companies across all stages of the business life cycle. Its head office is located at Wiesingerstr. 6/7, A-1010 Vienna, Austria.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report prepared by SRK Consulting (Canada) Inc. in accordance with NI 43-101.
Contact Information:
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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