Vancouver, B.C. – November 11, 2020 – West Mining Corp. (“West” or the “Company”; formerly Ironwood Capital Corp.) (TSXV:WEST) is pleased to announce that it has signed a non-binding letter of intention (the “LOI”) with Boundary Gold and Copper Mining Ltd. (“Boundary”) and 1994854 Alberta Ltd. (“Alberta”, which is Boundary’s wholly-owned subsidiary) which contemplates a transaction under which West will have an option to earn up to a 100% undivided right, title and interest in the Kena and Daylight Gold-Copper Properties (including the Toughnut Claims)(collectively, the “Properties”), comprised of 174 mineral claims and 11 crown grants located in the Nelson Mining District in the Province of British Columbia and covering 8,810 hectares. Upon signing the LOI, the Company paid a non-refundable $25,000.00 cash deposit to Boundary as consideration for the 30 day exclusivity and due diligence period granted to West under the LOI.
The transaction contemplated by the LOI will provide the Company with the option to acquire up to an 100% interest in and to the Property by, over a 36 month period, making cash payments to Boundary, issuing West common shares to Boundary, and making exploration expenditures on the Property, all in amounts and in accordance with timeframes to be negotiated and determined by the parties prior to executing a binding, definitive agreement respecting the transaction upon West completing its due diligence investigations.
The Company also announced that it will be conducting a private placement financing for gross proceeds of up to $2,000,000 through the issuance of up to 11,111,111 units (each, a “Unit”) at a price of $0.18 per Unit. Each Unit will be comprised of one common share and one-half of one transferable common share purchase warrant, with each whole warrant exercisable for one common share at an exercise price of $0.35 for two years from the date of issuance.
The securities being 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.
About West Mining Corp.
West Mining Corp. is a mineral exploration company focused on the Kagoot Brook Property located near Bathhurst, New Brunswick, comprised of one mineral tenure covering 4,233 hectares. For additional information, please refer to the Company’s public disclosure record available on SEDAR at www.sedar.com.
West Mining Corp.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts 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.