- Westhaven Gold Corp. (WHN) has completed the earlier-announced royalty sales and private placement
- The company had announced in September that it entered into a financing arrangement with Franco-Nevada Corporation (FNV)
- Westhaven has completed the grant and sale of a two-per-cent net smelter return royalty to Franco-Nevada for US$6,000,000
- Also, Franco-Nevada subscribed for 2,500,000 shares of the company at a price of C$0.40 per share for gross proceeds of C$1,000,000
- Westhaven Gold Corp. is a gold-focused exploration company
- Westhaven Gold Corp. was unchanged at C$0.40 at 1:43 PM ET
Westhaven Gold Corp. (WHN) has completed the royalty sales and private placement.
The company announced that it entered into a financing arrangement with Franco-Nevada Corporation (FNV), the leading gold-focused royalty and streaming company.
“The proceeds from this transaction will allow Westhaven to accomplish a substantial amount of drilling and exploration work across our Spences Bridge Gold Belt properties,” said Gareth Thomas, President and CEO of Westhaven.
Westhaven has completed the grant and sale of a two-per-cent net smelter return royalty to Franco-Nevada for US$6,000,000. The NSR applies to all of Westhaven’s claims across the Spences Bridge Gold Belt in southwestern British Columbia, Canada.
Also, Franco-Nevada subscribed for 2,500,000 shares of the company at a price of C$0.40 per share for gross proceeds of C$1,000,000.
Westhaven has four gold and silver properties in the Spences Bridge Gold Belt in southwestern British Columbia, totalling in excess of 37,000 hectares.
In January 2022, Westhaven announced a mineral resource estimate of 841,000 indicated ounces at 2.47 g/t gold equivalent and 277,000 inferred ounces at 0.94 g/t gold equivalent at the Shovelnose gold property where drilling is ongoing.
The company intends to use the proceeds of the private placement and the sales of the NSR and Talisker Royalty for exploration on the Spences Bridge Gold Belt properties and general working capital purposes.
Westhaven Gold Corp. 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 Gold Corp. was unchanged at C$0.40 at 1:43 PM ET.
