Vancouver, B.C. - June 23rd, 2014 - 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 $425,000 CAD. The Company intends to issue up to 2,500,000 flow-through Units (the “FT-Units”). The FT-Units are being offered at a price of $0.13 per unit. Each FT-Unit will consist of one flow-through common share and one non-transferable, non flow-through warrant (the “NFT Warrant”). Each NFT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.18 for a period of 24 months from the closing date of the private placement.
In addition to FT-Unit offering, the Company intends to issue up to 1,000,000 Units (the “Units”) at a price of $0.10 per unit with each unit consisting of one common share and one non-transferable warrant (the “Warrant”). Each Warrant will entitle the holder to purchase one common share at a price of $0.15 for a period of 24 months from the closing date of the private placement.
The transaction is subject to regulatory approval. The Company may pay up to 8% in finder's fees payable in cash in connection with part of this private placement offering.
The net proceeds will be used to fund near-term drill programs at the BEN and Shovelnose properties, and for general work purposes.
Shovelnose Gold Property
The Company was recently granted a 12-month work extension by the Optionor of the Shovelnose gold project. This provides Westhaven with an additional 12-month period to meet its 3rd year work commitment on the property and satisfy the requirements of the option agreement.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, 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 BEN projects in British Columbia. 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.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.