Vancouver, B.C. - May 17th, 2016 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce that it has closed the first tranche of its non-brokered private placement previously disclosed on May 4th, 2016. This tranche raised gross proceeds of $279,200 through the issuance of 2,326,665 flow-through share units of the Company.
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. An insider purchased 41, 666 units of this tranche.
The Company paid finder’s fees of $4,128 in connection with this private placement. Shares issued will become free trading on September 17th, 2016.
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.