Westhaven Closes Non-Brokered Private Placement with Eric Sprott and Earthlabs, for Gross Proceeds of $3.16 Million
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VANCOUVER, British Columbia, July 03, 2025 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSXV:WHN) ("Westhaven" or the "Company") is pleased to announce that the Company has closed the non-brokered private placement (the "Offering") previously announced on June 16th, 2025 for aggregate gross proceeds of $3,160,000 from the sale of 8,333,333 units of the Company (each, a "Unit") at a price of $0.12 per Unit for gross proceeds of C$1,000,000, and 12,500,000 flow-through units of the Company sold on a charitable flow-through basis (each, a "Charity FT Unit", and collectively with the Units, the "Offered Securities") at a price of $0.1728 per Charity FT Unit for gross proceeds of C$2,160,000.
Eric Sprott and Earthlabs Inc. were the subscribers for the Units and the end purchasers of Charity FT Units, following the charitable flow through donations in the Offering.
The gross proceeds from the issuance of the Charity FT Units will be used for Canadian exploration expenses on the Company's projects in British Columbia and will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada) and as a "BC flow-through mining expenditure" as defined in section 4.721 of the Income Tax Act (British Columbia) (the "Qualifying Expenditures"), which will be incurred on or before December 31, 2026 and renounced to the subscribers with an effective date no later than December 31, 2025 in an aggregate amount not less than the gross proceeds raised from the issue of the Charity FT Units.
More specifically, proceeds of the Offering will be used for work related to the Company's portfolio of exploration properties within the Spences Bridge Gold Belt, British Columbia, Canada. This work will include expansion of the current exploration drilling program at the Shovelnose gold project to at least 5,000m, as well as advancing efforts to realize the potential outlined in a recently completed preliminary economic assessment of a high grade, high margin underground gold mining opportunity at the South Zone, FMN and Franz gold deposits at Shovelnose (please see news release dated March 3rd, 2025 for details). The Company intends to use the net proceeds from the sale of the Units for working capital and general corporate purposes.
Each Unit consisted of one common share of the Company (each, a "Unit Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consisted of one share that will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.18 at any time on or before July 3, 2027.
A finder's fee, consisting of a cash payment of $66,823 and 250,000 non-transferable broker warrants was paid to Red Cloud Securities Inc. in respect of the private placement. Each broker warrant can be exercised to acquire one common share at a price of $0.12 on or before July 3, 2027.
All the securities issued pursuant to the Offering are subject to a hold period under Canadian securities laws ending on November 4, 2025.
This press release does not constitute an offer to ...
