VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V:WHN) has entered into an agreement with PearTree Securities Inc., whereby PearTree, as agent for the purchasers, will subscribe for up to 2,207,506 million flow-through common shares in the capital of Westhaven at a price of $1.1325 cents per flow-through share for targeted gross proceeds of up to $2,500,000.
The offering is expected to close on or about February 22nd, 2019, and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. All flow-through shares issued in the offering will be offered by way of a non-brokered private placement and will be 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 project 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 are no fees or commissions payable in connection with the offering.
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.