Westhaven Completes C$5.175 Million Bought Deal Private Placement of Flow-Through Common Shares
June 16 2020 - 9:59AM
Westhaven Ventures Inc. (“Westhaven” or the "Company") (TSX-V:WHN)
is pleased to announce that it has now closed its previously
announced bought deal private placement (the “Offering”). Pursuant
to the Offering, the Company issued a total of 5,447,700 common
shares that qualify as “flow-through shares” of the Company for the
purposes of the Income Tax Act (Canada) (the “Flow-Through Common
Shares”) 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. (together, the
“Underwriters”).
In connection with the Offering the Company paid
the Underwriters a cash commission 5% of the aggregate gross
proceeds, being $258,765.75.
The gross proceeds from the Offering will be
used to incur “Canadian exploration expenses” (within the meaning
of the Income Tax Act (Canada)) 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 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.
This press 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 or
for the account or benefit of a U.S. person (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Westhaven:
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 (370 square kilometres) 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. Westhaven is committed to the highest
standards of environmental and social responsibility with a focus
on generating positive outcomes and returns to all
stakeholders. Westhaven trades on the TSX Venture Exchange
under the ticker symbol WHN. For further information, please call
604-336-6921 or visit Westhaven’s website
at www.westhavenventures.com
On behalf of the Board of
Directors
WESTHAVEN VENTURES INC.
"Gareth Thomas"
Gareth Thomas, President, CEO & Director
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.
Cautionary note regarding
forward-looking statements
This news release contains certain "forward
looking statements" and certain "forward-looking information" as
defined under applicable Canadian and U.S. securities laws.
Forward-looking statements and information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "should", "expect", "intend", "estimate", "anticipate",
"believe", "continue", "plans" or similar terminology. The
forward-looking information contained herein is provided for the
purpose of assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements and information
include, but are not limited to, statements in respect of the
Offering including the proposed use of proceeds, receipt of final
stock exchange approvals.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual actions, events or results to be materially different
from those expressed or implied by such forward-looking
information, including but not limited to: the requirement for
regulatory approvals; enhanced uncertainty in global financial
markets as a result of the current COVID-19 pandemic;
unquantifiable risks related to government actions and
interventions; stock market volatility; regulatory restrictions;
and other related risks and uncertainties.
Forward-looking information are based on
management of the parties' reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on such
management's experience and perception of trends, current
conditions and expected developments, and other factors that
management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect.
Westhaven undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
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