West Mining Executes Agreements for the Full Acquisition of Kena & Daylight Properties
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.