Funds To Support BC Exploration
Westhaven Ventures Inc. (TSX-V:WHN) has entered into an agreement with PI Financial Corp. to act as lead underwriter of a syndicate of underwriters, on a “bought deal” private placement to raise approximately C$5 million.
The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” related to Westhaven’s projects in British Columbia, Canada. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2020.
The Offering is scheduled to close on or about June 16, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. The Flow-Through Common Shares will be subject to a four month hold period from the date of closing of the Offering.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls 37,000 hectares with four 100% owned gold properties spread along this underexplored belt.
The Shovelnose property is situated off a major highway, in close proximity to power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low cost exploration.