Westhaven Completes C$5.175 Million Bought Deal Private Placement of Flow-Through Common Shares

VANCOUVER, British Columbia, June 16, 2020 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (“Westhaven” or the "Company") (TSX-V:WHN) is pleased to announce that it has now closed its previously announced bought deal private placement (the “Offering”). Pursuant to the Offering, the Company issued a total of 5,447,700 common shares that qualify as “flow-through shares” of the Company for the purposes of the Income Tax Act (Canada) (the “Flow-Through Common Shares”) at a price of C$0.95 per Flow-Through Common Share for aggregate gross proceeds of $5,175,315, which includes a partial exercise of the over-allotment option. The Offering was led by PI Financial Corp. on behalf of a syndicate of underwriters including Raymond James Ltd. And Stifel Nicolaus Canada Inc. (together, the “Underwriters”).

In connection with the Offering the Company paid the Underwriters a cash commission 5% of the aggregate gross proceeds, being $258,765.75.

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, 2020.

The Flow Through Common Shares are subject to a four month hold period expiring on October 17, 2020.  The Offering remains subject to the final approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 under the ticker symbol WHN. For further information, please call 604-336-6921 or visit Westhaven’s website at www.westhavenventures.com