Westhaven Announces $2,300,000 Non-Brokered Private Placement
February 20 2024 - 4:01PM
Westhaven Gold Corp. (TSX-V: WHN) is pleased to
announce that it has arranged to issue, on a non-brokered private
placement basis, up to 10,000,000 million flow-through (FT) common
shares of the Company at a price of $0.23 per FT share for gross
proceeds of up to $2,300,000.
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, 2024.
Existing directors and officers of Westhaven may
choose to participate in the private placement. Participation of
insiders of the company in the private placement constitutes a
related-party transaction as defined under Multilateral Instrument
61-101. Because the Company's shares trade only on the TSX Venture
Exchange, the issuance of securities is exempt from the formal
valuation requirements of Section 5.4 of MI 61-101 pursuant to
Subsection 5.5(b) of MI 61-101 and exempt from the minority
approval requirements of Section 5.6 of MI 61-101 pursuant to
Subsection 5.7(a) of MI 61-101.
The private placement is subject to TSX Venture
Exchange approval. Westhaven may pay finders' fees to eligible
finders, as permitted by applicable securities laws and the rules
of the TSX-V. All securities issued in the Offering are subject to
a four-month hold period, during which time the securities may not
be traded.
On behalf of the Board of
DirectorsWESTHAVEN GOLD CORP.
"Shaun Pollard"
Shaun Pollard, CFO
Tel: 1.604.681.5558 Ext:
103spollard@westhavengold.com
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.
This new release contains forward-looking
statements. These statements are based on current expectations and
assumptions that are subject to risks and uncertainties. Actual
results could differ materially because of factors discussed in the
management discussion and analysis section of our interim and most
recent annual financial statements or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities
regulators. We do not assume any obligation to update any
forward-looking statements, other than as required by securities
laws.
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 Gold Corp.
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 gold properties spread along this underexplored belt. The
Shovelnose property is situated off a major highway, near power,
rail, large producing mines, and within commuting distance from the
city of Merritt, which translates into low-cost exploration.
Westhaven trades on the TSX Venture Exchange under the ticker
symbol WHN. For further information, please call 604-681-5558 or
visit Westhaven’s website at www.westhavengold.com
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