Westhaven to raise $7.35 million for Shovelnose drilling

Vancouver-based gold miner Westhaven Ventures (TSXV: WHN) announced Tuesday that it intends to raise up to C$7.35 million by way of a non-brokered private placement.

The financing consists of up to 7 million units of Westhaven at C$1.05 per unit. Each unit is comprised of one common share and one half warrant, with each whole warrant entitling the holder to purchase one share at a price of C$1.50 for 24 months following the private placement closing date (Westhaven shares were trading at C$1.13 as of market open Tuesday).

Proceeds of the financing will be used for ongoing expansion work at the company’s Shovelnose gold property, as well as working capital and for the company’s other BC properties.

“This financing allows the company to expand drilling at the high-grade Shovelnose gold property with flexibility to explore additional regional targets as warranted,” Westhaven CEO Gareth Thomas said in a press release.

The 15,542-hectare Shovelnose project is located in the Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 km south of Merritt, British Columbia. It is one of four gold properties owned by the company in the SBGB.