Vancouver, BC / ACCESSWIRE / July 14, 2014 / Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce it has closed the final tranche of its non-brokered private placement (the "Private Placement") previously disclosed by the Company on June 23rd, 2014.
The final tranche raised gross proceeds of $109,800. The Company issued 260,000 share units of the Company (the "Share Units") with each Share Unit consisting of one common share (a "Share") and one common share purchase warrant (a "Warrant"), at a purchase price of $0.10 per Share Unit. Each Warrant is exercisable into Shares at a price of $0.15 per Share, expiring in two years from the date of issue. In addition, the Company issued 644,615 flow-through-share units (the "FT-Share Units"), each FT-Share Unit consisting of one flow-through common share (a "FT-Share") and one non-flow-through common share purchase warrant (a "NFT-Warrant"), at a purchase price of $0.13 per FT-Share Unit. Each NFT-Warrant is exercisable into Shares at a price of $0.18 per Share, expiring in two years from the date of issue. In connection with this Private Placement, the Company paid finder's fees of $1,736. The securities issued in connection with this financing are subject to a hold period of four months and one day from the date of issue and shall not trade before November 12, 2014.
In aggregate, the Company issued 1,460,000 Share Units and 2,344,615 FT-Share Units for gross proceeds of $424,800 and paid $10,616 in finder's fees. Insiders subscribed to a portion of the private placement. The private placement is subject to final approval by the TSX Venture Exchange. The net proceeds from the private placement will be used for working capital and advancing exploration on the Shovelnose, Ben and Ben South projects.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Shaun Pollard, Chief Financial Officer & 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, BEN and BEN South projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 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.
Westhaven Ventures Inc.
SOURCE: Westhaven Ventures Inc.