Business
Westhaven Gold Completes Brokered Private Placement for Gross Proceeds of C$6.0 Million, Including C$1.5 Million Strategic Investment from Rob McEwen
VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closin
About this update from Westhaven Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the \"Offering\") for aggregate gross proceeds of C$6,000,004.50, which includes the full exercise of the agent’s option for proceeds of C$1,000,002.50. Under the Offering, the Company sold the following: 10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of C$1,500,000 from the sale of Units; 5,714,300 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share for gross proceeds of C$1,000,002.50 from the sale of Traditional FT Shares; and 15,909,100 flow-through units of the Company (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit for gross proceeds of C$3,500,002 from the sale of Charity FT Units. In connection with the Offering, Rob McEwen made a strategic investment of C$1.5 million. Following the completion of the Offering, Mr. McEwen owns approximately 5.3% of the issued and outstanding common shares of the Company. Mr. McEwen is the founder and former Chairman of Goldcorp, is currently the Executive Chairman and largest shareholder of McEwen Mining Inc. and is a member of the Mining Hall of Fame. Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit consists of one common share of the Company that quality as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a “Charity FT Unit Share”) and one half of one Warrant, which will also qualify as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 per Warrant Share at any time on or before October 17, 2026. Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for t...