West High Yield (W.H.Y.) Resources Ltd. (TSX-V: WHY) has entered into a definitive arm’s length purchase and sale agreement to sell 100% of its right, title and interest in its Record Ridge South, Midnight, and O.K. mineral properties to Gryphon Enterprises, LLC for US $750 million.
(November 3, 2017 – West High Yield has updated the proposed acquisition, see update HERE )
West High Yield is a publicly traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold, nickel and magnesium properties.
Calgary’s Marasco family controls 46.1% of West High Yield outstanding shares.
West High Yield has yet to file the sale and purchase agreement and there is very little information available on Maryland based Gryphon Enterprises.
West High Yield is expected to call an annual and special meeting of its shareholders in December 2017 where the shareholders will be asked to approve the proposed purchase and sale of the Assets and any other matters related to the proposed transaction.
The closing of the transaction is expected to occur on or before the date that is 90 days from the date a take and pay agreement(s) is entered into West High Yield in the form and on terms and conditions acceptable to the purchaser.
Following the closing of the sale, West High Yield will distribute the vast majority of the proceeds to its shareholders while at the same time exploring other business opportunities.
“The proposed transaction is great for our shareholders who have been supportive and patient in this very long and arduous process. As we move forward and recognize how important our environment is to our children and grandchildren, we are pleased to see the development of the “greenest element” in the world. Magnesium will support many aspects of our lives including, medical, agriculture, batteries, construction, auto and aero industry and many more applications. Thank you for all your support,” said Frank Marasco, President and Chief Executive Officer of West High Yield.
photo credit: West High Yield (W.H.Y.) Resources