Westhaven to Raise $7,350,000 Through Non-Brokered Private Placement ______________________________________________________________________________________
WESTHAVEN TO RAISE $7,350,000 THROUGH NON-BROKERED PRIVATE PLACEMENT
______________________________________________________________________________________
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Vancouver, B.C. – September 17th, 2019 – Westhaven Ventures Inc. (TSX-V:WHN) is pleased to
announce that it intends to complete a non-brokered private placement to raise gross proceeds of up
to $7,350,000.
The private placement will consist of up to 7,000,000 units at a price of $1.05 per unit. Each unit is
comprised of one common share and one non-transferable half warrant (the “half warrant”). Each full
warrant entitles the holder to purchase one common share at a price of $1.50 for a period of 24
months from the closing date of the private placement. Proceeds of the private placement will be
used for funding the expansion of the ongoing work program at the Shovelnose gold property,
working capital purposes and/or work related to the company's portfolio of properties located in
British Columbia, Canada.
Westhaven benefits from the B.C. Mining Exploration Tax Credit (METC) which is a permanent
incentive to support investment in mining. The METC is a refundable B.C. income tax credit for
eligible individuals and corporations conducting grassroots mineral exploration in B.C. and is worth
30% of qualified mining exploration expenditures.
Gareth Thomas, President & CEO of Westhaven stated, “This financing allows the Company to
expand drilling at the high-grade Shovelnose gold property with flexibility to explore additional
regional targets as warranted.” Thomas goes on to add, “The METC is important to note as
Westhaven is eligible for a 30% income tax credit on every non flow-through dollar spent on qualified
mining exploration expenditures on its properties.”
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 securities described herein 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
accordingly, may not be offered or sold within the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective
SBGB, which is situated within a geological setting like those which host other significant epithermal
gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-
effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic
volcanic rocks dominated by the Cretaceous Spences Bridge Group. Talisker Resources and
Westhaven have a combined control of ~86% of the SBGB (225,000ha). Any ground staked by Talisker
within 5 kilometres of Westhaven's existing projects will be subject to a 2.5% NSR. In addition,
Westhaven has a 30-day Right of First Refusal (ROFR) for a three-year period on any of Talisker’s
properties outside this 5-kilometre radius.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
"Shaun Pollard"
Shaun Pollard, Director & CFO
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, Prospect
Valley, Skoonka and Skoonka North gold projects in British Columbia.
Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information,
please call 604-681-5521, email [email protected] or visit Westhaven’s website at
www.westhavenventures.com .