Westhaven Receives $391,787 From Warrant Exercise
VANCOUVER, British Columbia, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V:WHN) is pleased to announce that it has received proceeds of $391,787 related to the exercise of 2,470,667 warrants. The warrants were exercisable at $0.16 and $0.08. As of the date of this news release, the Company now has 75,844,806 common shares issued and outstanding.
The following portion of the news release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
An insider of the Company, D. Grenville Thomas, has increased his shareholdings via the exercise of 416,667 warrants. The warrants, acquired through a private placement transaction completed in 2016, had an exercise price of $0.16 and were set to expire on September 20, 2018. After consideration of this transaction, D. Grenville Thomas owns 9,921,152 shares representing 13.1% of the Company on a non-diluted basis. Anglo Celtic Exploration Ltd., a private company owned and controlled by D. Grenville Thomas, has increased his shareholdings via the exercise of 2,000,000 warrants. The warrants, acquired through a private placement transaction completed in 2016, had an exercise price of $0.16 and were set to expire on September 28, 2018. After consideration of this transaction, Anglo Celtic Exploration Ltd., owns 10,970,769 shares representing 14.5% of the Company on a non-diluted basis. The aggregate proceeds to Westhaven from the exercise of the 2,416,667 warrants are $386,667. Upon the completion of these transactions, Mr. Thomas owns or controls an aggregate of 20,891,921 common shares of the Company, representing 27.6% of the Company on a non-diluted basis.
Mr. Thomas acquired these securities for investment purposes, thus depending on the economic or market conditions or matters relating to the Company, Mr. Thomas may choose to either acquire additional securities or dispose of securities of the Company.
Total warrant exercise in September 2018 has resulted in the issuance of 5,414,000 and $850,720 in proceeds.
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group. Westhaven has been working on the SBGB since 2011 and believes these relatively underexplored volcanic rocks are highly prospective for epithermal style gold mineralization.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
“Shaun Pollard"
Shaun Pollard, CFO & Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5521 or visit Westhaven’s website at www.westhavenventures.com
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.
