Raises C$5.175 Million Through Private Placement
Westhaven Ventures Inc. (TSX-V:WHN) has closed its previously announced bought deal private placement.
Pursuant to the Offering, the Company issued a total of 5,447,700 common shares that qualify as “flow-through shares” of the company at a price of C$0.95 per Flow-Through Common Share for aggregate gross proceeds of $5,175,315, which includes a partial exercise of the over-allotment option.
The Offering was led by PI Financial Corp. on behalf of a syndicate of underwriters including Raymond James Ltd. And Stifel Nicolaus Canada Inc.
The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” related to Westhaven’s projects in British Columbia, Canada.
The Flow Through Common Shares are subject to a four month hold period expiring on October 17, 2020. The Offering remains subject to the final approval of the TSX Venture Exchange.
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.