wow WHY these pricks ..should get a lifetime suspension and permanent CTO
West High Yield Terminates Agreement to Sell Mining Assets After Purchaser Fails to Pay Deposit
CALGARY, Alberta, Nov. 07, 2017 (GLOBE NEWSWIRE) -- As previously announced, on October 5, 2017, West High Yield (W.H.Y.) Resources Ltd. (the "Company") (TSXV:WHY) signed a definitive arm's length purchase and sale agreement (the "Agreement") to sell 100% of its right, title and interest in its Record Ridge South, Midnight and O.K. mineral properties (the "Assets") to Gryphon Enterprises, LLC (the "Purchaser"), a limited liability company based in Maryland, USA, for a purchase price of US$750 million in cash.
Under Article 2.2.3 of the Agreement, the Purchaser was required to deliver a non-refundable Deposit of US$500,000 ("Deposit") on or before November 4, 2017, failing which the Company had the right to terminate the Agreement if th e deposit was not paid. As November 4, 2017 did not fall on a "Business Day", the deadline to deliver the Deposit extended to midnight on November 6, 2017.
The Purchaser failed to pay the Deposit on or before midnight on November 6, 2017. Following discussions with the Purchaser, on November 7, 2017 the Board of Directors of the Company decided to terminate the Agreement by providing written notice of termination to the Purchaser in accordance with the terms of the Agreement.
Although the Company is disappointed that the Agreement was terminated, the Company continues to believe, based on testing done to date, that the Assets have significant value. The Company intends to continue its ongoing efforts to secure Mining and Rock Quarry Permits for the property.
Trading in the Company’s shares has been halted since October 6, 2017. The Company is in discussions regarding when its shares will resume tradin g. |
