Westhaven receives $85,200 from warrant exercise
Westhaven receives $85,200 from warrant exercise
2018-01-31 14:36 ET - News Release
Mr. Shaun Pollard reports
WESTHAVEN RECEIVES $85,200 FROM WARRANT EXERCISE
Westhaven Ventures Inc. has received proceeds of $85,200 related to the exercise of warrants. The warrants were exercisable at seven cents and eight cents. As of the date of this news release, the company now has 62,872,642 common shares issued and outstanding.
Additionally, the company's chief executive officer and president, D. Grenville Thomas, has increased his shareholdings through the exercise of one million warrants. The warrants, acquired through a private placement transaction, had an exercise price of seven cents and were set to expire on Feb. 28, 2019. After consideration of these transactions, Mr. Thomas directly and indirectly controls 29.93 per cent 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.
As per the news release dated Jan. 16, 2018, Westhaven recently made a significant discovery at its Shovelnose gold property located within the Spences Bridge gold belt in British Columbia. Preparations are under way for a follow-up drill program.
The Spences Bridge gold belt (SBGB)
Westhaven owns a 100-per-cent interest in over 30,000 hectares within the prospective SBGB, which is situated within a geological setting similar to those that host other significant epithermal gold-silver systems. It is close to existing transportation 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.