West Mining Corp. Closes Over-Subscribed Financing for $6,600,000

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- West Mining Corp. (“West” or the “Company”) (CSE: WEST, OTC: WESMF, FRA: 1HL) is pleased to announce that it has closed its previously announced private placement financing (see the Company’s press release dated February 9, 2021). Under the financing, West has raised gross proceeds of $6,674,252 through the issuance of 11,248,500 units (each, a “Unit”) at a price of $0.40 per Unit and of 4,182,415 flow-through units (each, a “FT Unit”) at a price of $0.52 per FT Unit . Each Unit is comprised of one common share and one common share purchase warrant, each warrant exercisable for a common share at an exercise price of $0.60 for two years (subject to acceleration in certain circumstances). Each FT Unit is comprised of one flow-through common share and one common share purchase warrant, each warrant exercisable for a common share at an exercise price of $0.78 for one year (subject to acceleration in certain circumstances).

“The Company is extremely pleased with the appetite shown for the financing, and wish to thank all who participated,” commented Nicholas Houghton, President and CEO of West.

Under the financing, the Company paid a corporate finance fee of $10,000, paid aggregate finder’s fees of $446,139 and issued an aggregate of 1,029,655 finder’s warrants. 563,080 of the finder’s warrants are exercisable for a Unit at an exercise price of $0.40 for two years; 177,600 of the finder’s warrants are exercisable for a common share at an exercise price of $0.40 for two years; 137,028 of the finder’s warrants are exercisable for a unit (each comprised of one common share and one warrant exercisable for a common share at an exercise price of $0.78 for one year) at an exercise price of $0.52 for two years; and 151,947 of the finder’s warrants are exercisable for a common share at an exercise price of $0.52 for two years.

The securities issued under the private placement are subject to a four month hold period which expires June 27, 2021. The proceeds of the financing will be used for general working capital and for the exploration of the Company’s Kena Project, British Columbia.

The securities offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.