Vancouver, B.C. - February 29th, 2016 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce that it has closed the non-brokered private placement previously disclosed on February 16th, 2016. This Company raised gross proceeds of $300,000 through the issuance of a 6,000,000 flow-through (FT) share units.
Units were offered at a price of $0.05 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 $0.07 for a period of 36 months from the closing date of the private placement. Insiders subscribed to 1,700,000 of the total units sold.
The Company paid finder’s fees of $14,000 and 280,000 broker warrants in connection with this private placement. The warrants have the same terms as the warrants issued as part of the flow-through share units. The placement will become free trading on June 30th, 2016.
The net proceeds from the sale of Units will be used to fund exploration at the Shovelnose gold project, Prospect Valley gold project and for general 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, BEN 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.