Westhaven Announces Non-Brokered Private Placement With Eric Sprott and Earthlabs, for Gross Proceeds of $3.16 Million

Core Viewpoint - Westhaven Gold Corp. has announced a non-brokered private placement to raise gross proceeds of $3,160,000 through the sale of units and flow-through units, aimed at advancing its exploration projects in British Columbia, particularly the Shovelnose gold project [1][3]. Group 1: Private Placement Details - The offering includes 8,333,333 units priced at $0.12 each and 12,500,000 flow-through units priced at $0.1728 each [1]. - The total gross proceeds from the offering are expected to be $3,160,000 [1]. - The private placement is anticipated to close around July 3, 2025, subject to necessary approvals [5]. Group 2: Use of Proceeds - Proceeds from the sale of units will be allocated for working capital and general corporate purposes [4]. - Gross proceeds from the flow-through units will be used for Canadian exploration expenses, qualifying as "flow-through mining expenditures" [4]. - The company plans to expand its summer exploration drilling program to at least 5,000 meters, focusing on the Shovelnose gold project [3]. Group 3: Key Stakeholders - Eric Sprott and Earthlabs Inc. are expected to be the primary subscribers for the units and the end purchaser of the flow-through units [2]. - The financing is viewed as a strong endorsement of Westhaven's strategy to develop its Spences Bridge Gold Belt properties [3]. Group 4: Project Overview - The Shovelnose gold project has a recently updated Preliminary Economic Assessment indicating a potential for robust, low-cost, high-margin underground gold mining [10]. - The project is projected to have an average annual life-of-mine gold production of 56,000 ounces, with an after-tax NPV of Cdn$454 million and an IRR of 43.2% based on base case parameters [10].