West Mining Completes Acquisition of Kena & Daylight Properties
VANCOUVER, British Columbia, May 05, 2021 (GLOBE NEWSWIRE) -- West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) is pleased to announce that it
has completed its acquisition of a 100% interest in its Kena and Daylight properties (collectively, the “Kena Project” or the “Project”) located in the Nelson Mining District in southeastern
“Securing 100% ownership of our flagship Kena Project is a monumental step for the Company,” stated Nicholas Houghton, President and CEO of West. “Historic gold production at Daylight bodes well for its future development. Coupled with data from over 37,000 metres of drilling and results of previous exploration programs outlining the copper potential at the Kena Copper Zone, West Mining Corp. is in an excellent position to advance the project with our first class Geological team and the treasury we have in place.”
West now holds a 100% interest in the Project, subject to the NSR granted to Apex described below and to the underlying NSRs described in the Company’s press release respecting the Project dated January 26, 2021. See the Company’s press release dated April 12, 2021 for further details respecting the transaction.
Purusant to an asset purchase agreement dated as of April 7, 2021 with Apex Resources Inc. (“Apex”), the Company acquired 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.
In conjunction with closing the transaction with Apex, pursuant to 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 amended a share option agreement dated as of January 25, 2021 between the parties, West acquired 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. To acquire the shares of 1994854 from Boundary, West made a cash payment of $800,000 to Boundary and issued an aggregate of 7,361,112 Shares to Boundary.