Westhaven Ventures (WHN-V) June 30, '14 is pleased to announce it has closed the first tranche of its non-brokered 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 with each Share Unit consisting of one common share and one common share purchase 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, each FT-Share Unit consisting of one flow-through common share and one non-flow-through common share purchase 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"
Gareth Thomas, Director |
