VANCOUVER, British Columbia, Feb. 22, 2019 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce it has closed the non-brokered private placement (the “Offering”) previously announced on February 11, 2019. The Offering is part of a donation arrangement structured by PearTree Securities Inc.
Pursuant to the Offering, the Company issued 2,207,639 flow-through common shares in the capital of Westhaven Ventures (each, a “Flow-Through Share”) at a price of $1.1325 per Flow-Through Share for gross proceeds of $2,500,151. The Flow-Through Shares issued in the Offering are subject to a four-month resale hold period in Canada from the closing date of the Offering. Proceeds from the Offering will be used by the Company for exploration expenditures at the Shovelnose gold property in British Columbia that will qualify as “Canadian exploration expenditures” and “flow-through mining expenditures” within the meaning of the Income Tax Act (Canada). There were no fees or commissions payable to PearTree in connection with the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available).
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group. Sable Resources and Westhaven have a combined control of 86% of the SBGB (225,000ha). Any ground staked by Sable within 5 kilometres of Westhaven's existing projects is subject to a 2.5% NSR. In addition, Westhaven has a 30-day Right of First Refusal (ROFR) on any properties outside this 5-kilometre radius.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Shaun Pollard, CFO & Director
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5521 or visit Westhaven’s website at www.westhavenventures.com.