Vancouver, B.C. - June 30th, 2014 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce it has closed the first tranche of its non-brokered private placement (the “Private Placement”) previously disclosed by the Company on June 23rd, 2014.
The first tranche raised gross proceeds of $315,000. The Company issued 1,200,000 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 1,700,000 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 the Private Placement, the Company paid finder's fees of $8,880. Insiders of the Company subscribed for an aggregate 770,000 FT-Share Units.
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. 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.
Gareth Thomas, 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 and its Mona project in the Northwest Territories. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 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.