Vancouver, B.C. - May 27th, 2016 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce that it has closed the final tranche of its non-brokered private placement previously disclosed on May 4th, 2016. This second and final tranche raised gross proceeds of $102,800 through the issuance of 856,666 flow-through share units of the Company. Shares issued in this tranche will become free trading on September 28th, 2016. No finder’s fees were payable.
Units were offered at a price of $0.12 per unit. Each FT Unit consisted of one flow-through common share and one non-transferable, non flow-through warrant (the “NFT Warrant”). Each NFT Warrant entitles the holder to purchase one non flow-through common share at a price of $0.16 for a period of 24 months from the closing date of the private placement.
Together with the first tranche of the private placement closed on May 17th, 2016, the Company has raised, in aggregate, $382,000 via the issuance of 3,183,331 flow-through share units. An insider subscribed to 41,666 units and $4,128 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 Shovelnose and Prospect Valley gold projects, and working capital.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Shaun Pollard, CFO & Director
About WesthavenVentures 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, Prospect Valley gold and BEN South Nickel projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.
For further information, please contact Shaun Pollard at 604-681-5521 or visit Westhaven’s website at www.westhavenventures.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.