NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSXV:WHN) (“Westhaven“ or the “Company“) is pleased to announce that it has agreed with Raymond James Ltd. (the “Underwriter“), in connection with the previously announced bought deal offering of units of the Company (the “Units“) at a price of C$0.70 per Unit, to increase the size of the offering to C$13 million (the “Offering“).
Each Unit will consist of one common share of the Company and one-half common share purchase warrant (each whole common share purchase warrant, a “Warrant“). Each Warrant will entitle the holder to acquire one common share of the Company for an exercise price of C$1.00 per share for a period of two years from the Closing Date (as hereinafter defined).
The Company has agreed to grant Raymond James Ltd. an option (the “Over-Allotment Option“), exercisable in whole or in part at the sole discretion of the Underwriter, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes.
The net proceeds from the Offering will be used to fund the exploration and development of the Company's mining properties in British Columbia including Shovelnose, drilling to complete a maiden resource estimate, working capital and general corporate purposes.
The Units will be offered by way of short form prospectus in each of the provinces of Canada (except the Province of Quebec), pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units will not be offered ...
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