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Westhaven Closes C$15 Million Bought Deal Public Offering

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Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce that it has closed its previously announced bought deal financing. Pursuant to the Offering, Westhaven issued 21,378,500 units of the company, including 2,788,500 Units issued in connection with the exercise in full of the over-allotment option granted to Raymond James Ltd. in connection with the Offering, at a price of C$0.70 per Unit for gross proceeds of C$14,964,950.


Each Unit consists of one common share of the Company and one-half common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for an exercise price of C$1.00 per share for a period of two years from the Closing Date. The Warrants will be listed on the TSX Venture Exchange with trading commencing on March 5, 2021. The Warrants were issued under a warrant indenture dated March 3, 2021, a copy of which is available on the Company’s profile on SEDAR.

The net proceeds from the Offering will be used to fund the exploration and development of the Company’s mining properties in British Columbia including Shovelnose, drilling to complete a maiden resource estimate, working capital and general corporate purposes.


The Units were offered by way of short form prospectus in each of the provinces of Canada (except the Province of Quebec), pursuant to National Instrument 44-101 – Short Form Prospectus Distributions.


Westhaven benefits from the B.C. Mining Exploration Tax Credit which is a permanent incentive to support investment in mining. The METC is a refundable B.C. income tax credit for eligible individuals and corporations conducting grassroots mineral exploration in B.C. and is worth 30% of qualified mining exploration expenditures.


The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Rule 902 of Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable U.S. state securities laws or compliance with the requirements of an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.


About Westhaven:


Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls 37,000 hectares (370 square kilometres) with four 100% owned gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, in close proximity to power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low cost exploration. Westhaven is committed to the highest standards of environmental and social responsibility with a focus on generating positive outcomes and returns to all stakeholders. Westhaven trades on the TSX Venture Exchange.


Posted March 3, 2021

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