WEST MINING ANNOUNCES PROPOSED SHARE CONSOLIDATION
Vancouver, BC, Nov. 08, 2023 (GLOBE NEWSWIRE) -- West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) announces that it will complete a consolidation of the authorized and issued common shares of the Company (the “Common Shares”) on the basis of a one post-consolidated Common Share for each ten pre-consolidation Common Shares (the “Consolidation”).
Prior to the Consolidation, the Company has 61,627,312 pre-Consolidation Common Shares issued and outstanding. Following the Consolidation, the Company will have approximately 6,162,731 post-Consolidation Common Shares issued and outstanding. No fractional Common Shares will be issued upon the Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Consolidation, the number of Common Shares to be received by such shareholder will be rounded down to the next whole number and no cash consideration will be paid in respect of fractional shares. The Consolidation is subject to the approval of the Canadian Securities Exchange.
The record date of the Consolidation is November 16, 2023, and effective at the opening of markets on November 15, 2023, the Common Shares will commence trading on the Canadian Securities Exchange on a post-Consolidation basis. The Common Share trading symbol “WEST” will remain the same. The new CUSIP number for the post-Consolidation Common Shares will be 954606208.
A letter of transmittal will be mailed to registered shareholders providing instructions with respect to surrendering share certificates representing pre-Consolidation Common Shares in exchange for post-Consolidation Common Shares issued as a result of the Consolidation. Until surrendered, each certificate representing pre-Consolidation Common Shares will be deemed to represent the number of post-Consolidation Common Shares the holder received as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or in book-entry form are not required to take any action. In accordance with the Company’s Articles, the Consolidation will not require shareholder approval. Outstanding West stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
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
nadervatanchi@hotmail.com
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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.
