Westhaven Closes Oversubscribed Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 28, 2016) - Westhaven Ventures Inc. (TSX VENTURE:WHN) is pleased to announce that it has closed the final tranche of its non-brokered private placement previously disclosed on September 9, 2016. This second and final tranche raised gross proceeds of $410,000.04 through the issuance of 3,416,667 share units of the Company.
Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.16 for a period of 24 months from the closing date of the private placement. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. Shares issued will become free trading on January 29, 2017.
Together with the first tranche of the private placement closed on September 21, 2016, the Company has raised, in aggregate, $873,200.04 via the issuance of 7,276,667 share units. An insider subscribed to 2,416,667 units and $19,600 in finder's fees were paid during the first tranche.
The net proceeds from the sale of units will be used to fund exploration at the Prospect Valley and Shovelnose gold projects, and working capital.
On behalf of the Board of Directors, WESTHAVEN VENTURES INC.
Shaun Pollard, CFO & Director
About Westhaven Ventures Inc.
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 gold and Prospect Valley gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
