- Oops!Something went wrong.Please try again later.
VANCOUVER, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) -- West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) is pleased to announce that it has executed agreements for the acquisition of a 100% interest in and to its flagship Kena and Daylight properties (collectively, the “Kena Project” or the “Project”) located in the Nelson Mining District in southeastern British Columbia.
"When the opportunity as such presented itself allowing West to purchase outright 100% of the flagship Kena and Daylight Gold Copper project, the Company acted swiftly. With the historic and extensive exploration, drilling and sampling programs that have been completed on the properties over many years we knew this to be a fortuitous step for the growth of the Company. I wish to thank the executives of Apex Resources Inc., Boundary Gold and Copper Mining Limited and 1994854 Alberta Ltd for the ease of transition,” stated Nicholas Houghton, President and CEO of West.
The Company has entered into an asset purchase agreement dated as of April 7, 2021 with Apex Resources Inc. (“Apex”) pursuant to which the Company has agreed to acquire Apex’s interest in the Project from Apex in exchange for consideration of: aggregate cash payments of $300,000; an aggregate of 1,500,000 common shares of the Company (each, a “Share”); and granting Apex a 1.0% net smelter returns royalty on the Project, with West having the right to repurchase the NSR for $500,000 at any time prior to the commencement of commercial production on the Project.
Closing of the West’s acquisition of the Project from Apex is subject to receipt of approval of the Canadian Securities Exchange (if and as required) by West and of the TSX Venture Exchange by Apex. The Company made a $100,000 cash payment on execution of the agreement, and the remaining $200,000 is payable on the closing date, following receipt of regulatory approval. The Shares will be issued to Apex on the closing date as follows: 375,000 Shares will be subject to a four month hold period; 375,000 Shares will be subject to a four month hold period and a voluntary six month escrow period; and 750,000 Shares will be subject to a four month hold period and a voluntary 12 month escrow period.
In conjunction with the asset purchase agreement with Apex, the Company has also entered into an amending agreement dated April 7, 2021 with Boundary Gold and Copper Mining Ltd. (“Boundary”), and Boundary’s wholly-owned subsidiary, 1994854 Alberta Ltd. (“1994854”), which amends a share option agreement dated as of January 25, 2021 between the parties (see the Company’s press release dated January 26, 2021 for a description of the share option agreement). Under the share option agreement, West has the right to acquire all of the issued and outstanding shares of 1994854 from Boundary. 1994854 is party to an underlying property option agreement respecting the Project with Apex dated September 23, 2016, as amended June 26, 2019, which provides 1994854 with the option to acquire an 80% interest in the Project. The amending agreement provides that the Company can complete its acquisition of all of 1994854’s shares from Boundary by making a cash payment of $800,000 to Boundary within five days and by issuing an aggregate of 7,361,112 Shares to Boundary as follows: 1,805,556 Shares already issued to Boundary will be free-trading on April 24, 2021; 1,805,556 Shares will be subject to voluntary escrow until October 24, 2021; 1,805,556 Shares will be subject to voluntary escrow until April 24, 2022; and 1,944,444 Shares will be subject to voluntary escrow until October 24, 2022. In connection with the agreement with Boundary, West paid a finder’s fee in the amount of $80,000 and issued 555,556 Shares as finder’s shares, which Shares will be subject to a four month hold period.
On closing of the acquisition of the Project from Apex and of the 1994854 shares from Boundary, West will hold a 100% interest in and to the Project, subject to the NSR granted to Apex described above and the underlying NSRs described in the Company’s press release respecting the Project dated January 26, 2021.
About West Mining Corp.
West Mining Corp. is a mineral exploration company with a portfolio of highly prospective projects in world class mining camps. Our flagship “Kena” Copper Gold Project has an extensive exploration history with over 37 kilometers of drilling, 20 years of modern exploration and remains open in all directions and at depth. West’s other projects are situated in close proximity to recent gold discoveries in British Columbia and New Brunswick.
For additional information, please refer to the Company’s public disclosure record available on SEDAR at www.sedar.com.
West Mining Corp.
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.