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Westhaven Gold Announces $3,000,000 Non-Brokered Private Placement
VANCOUVER, British Columbia, July 25, 2022 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce that it has arranged to issue, on a non-b
About this update from Westhaven Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, July 25, 2022 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce that it has arranged to issue, on a non-brokered private placement basis, up to 6,818,182 flow-through (FT) common shares of the Company at a price of $0.44 per FT share for gross proceeds of up to $3,000,000. The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to Westhaven’s projects in British Columbia, Canada. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2022. Existing directors and officers of Westhaven may choose to participate in the private placement. Participation of insiders of the company in the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101. Because the Company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(a) of MI 61-101. The private placement is subject to TSX Venture Exchange approval. Westhaven may pay finders' fees to eligible finders, as permitted by applicable securities laws and the rules of the TSX-V. All securities issued in the Offering are subject to a four-month hold period, during which time the securities may not be traded. On behalf of the Board of DirectorsWESTHAVEN GOLD CORP.\"Shaun Pollard\" Shaun Pollard, CFO Tel: 1.604.681.5558 Ext: [email protected] 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. This new release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. ...