Westhaven Ventures raises $5M for exploration in British Columbia

• Westhaven Ventures (TSXV:WHN) has completed its previously announced bought deal private placement for gross proceeds of C$5.175 million
• Under the placement, the company issued a total of 5.4 million common shares at a price of 95 cents each
• The offering was led by PI Financial on behalf of a syndicate that included Raymond James and Stifel Nicolaus Canada
• The proceeds raised under the placement will be used to fund exploration activities at the company’s projects in British Columbia
• Westhaven Ventures (WHN) is currently steady and is trading at 75 cents per share

Westhaven Ventures (TSXV:WHN) has completed its previously announced bought deal private placement for gross proceeds of C$5.175 million.

Under the terms of the placement, the Vancouver-based company issued a total of 5.45 million common shares at a price of 95 cents each. The shares constitute flow-through shares, which will be used to incur exploration expenses as outlined in Canada’s Income Tax Act.

PI Financial acted as the lead underwriter of the offering on behalf of a syndicate that included Raymond James and Stifel Nicolaus Canada. As consideration for their services, these underwriters were paid a cash commission totalling five per cent of the net proceeds, or $258,765.75.

The proceeds raised under the placement will be used to fund Westhaven’s exploration activities at its projects in British Columbia.

The company’s wholly owned projects include the Shovelnose, Prospect Valley, Skoonka and Skoonka North properties, which collectively cover a total of 37,000 hectares in the Spences Bridge Gold Belt approximately 170 kilometres northeast of Vancouver.

The Spences Bridge Gold Belt stretches northwest over a length of 110 kilometres, and hosts intermediate to felsic volcanic rocks which are considered to be relatively under-explored and highly-prospective for epithermal-style gold mineralisation.

The most notable of the properties is the Shovelnose Project, which sits at the southernmost end of the Spences Bridge Gold Belt. Various exploration programs carried out at the property in 2018 and 2019 drilled a total of 69 holes, some of which returned significant results.

These include 1.65 metres at 175 grams per tonne of gold and 249 grams per tonne of silver, as well as 17.7 metres of 24.5 grams per tonne of gold and 107.92 grams per tonne of silver.

Westhaven Ventures (WHN) is holding steady and is trading at 75 cents per share at 3:41pm EDT.