- Westhaven Gold (TSXV:WHN) intends to raise C$3.16 million through a non-brokered private placement, including expected investments from Eric Sprott and Earthlabs (TSXV:SPOT)
- Westhaven Gold is a mineral explorer and developer in search of high-grade gold across its ~61,512-hectare portfolio in British Columbia
- Westhaven Gold stock has given back 11.76 per cent year-over-year and 79.73 per cent since 2020
Westhaven Gold (TSXV:WHN) intends to raise C$3.16 million through a non-brokered private placement, including expected investments from Eric Sprott and Earthlabs (TSXV:SPOT). The company will issue up to 8,333,333 units priced at C$0.12, as well as 12.5 million flow-through units priced at C$0.1728.
Unit proceeds will go towards working capital and general corporate purposes, while charity unit proceeds will be used for flow-through exploration expenses on the company’s properties in British Columbia, including its flagship Shovelnose gold project.
Shovelnose’s recently updated preliminary economic assessment affords the project an after-tax net present value of C$454 million, more than 16 times the company’s current market capitalization of C$28.25 million.
According to Monday’s news release, the financing is expected to close by July 3, 2025.
Leadership insights
“We are pleased to welcome Eric Sprott as a new shareholder of Westhaven, as well as the continued support of Earthlabs,” Ken Armstrong, Westhaven Gold’s president and chief executive officer, said in a statement. “This financing represents a strong endorsement of Westhaven’s approach to advance the company’s Spences Bridge Gold Belt properties, particularly the Shovelnose gold project located adjacent to well-established transportation and power infrastructure, less than 2.5 hours by car from Vancouver in southern British Columbia. Proceeds of this private placement will allow the company to expand our summer exploration drilling program to at least 5,000 metres and advance work towards realizing the potential outlined in a recently completed preliminary economic assessment of a high-grade, high-margin underground gold mining opportunity at the South Zone, FMN and Franz gold deposits at Shovelnose.”
About Westhaven Gold
Westhaven Gold is a mineral explorer and developer in search of high-grade gold across its ~61,512-hectare portfolio in British Columbia.
Westhaven Gold stock (TSXV:WHN) is unchanged trading at C$0.15 as of 9:46 am ET. The stock has given back 11.76 per cent year-over-year and 79.73 per cent since 2020.
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