Vancouver, B.C. - October 9th, 2012 - Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce a non-brokered private placement financing of up to 4,000,000 units (the "Units") at a price of $0.13 per Unit for gross proceeds of up to $520,000.
Each Unit comprises one common share and one common share purchase warrant. Each warrant shall be exercisable into one additional common share of the Company for a period of 24 months from closing of the private placement at an exercise price of $0.20.
The net proceeds from the sale of Units will be used to fund drill programs for both the Shovelnose and BEN gold exploration projects, and working capital.
The Company may pay a cash finder's fee to certain finders of up to 8% of the aggregate gross proceeds of the private placement. All securities issued pursuant to the private placement will be subject to a four month hold period from the date of issuance. Completion of the private placement is subject to TSX Venture Exchange approval.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Shaun Pollard, CFO & 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 gold and BEN 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.