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

Core Viewpoint - Westhaven Gold Corp. has successfully closed a non-brokered private placement, raising a total of $3,160,000 through the sale of units and flow-through units, aimed at funding exploration activities in British Columbia [1][4]. Group 1: Offering Details - The Offering consisted of 8,333,333 units sold at $0.12 per unit, generating gross proceeds of C$1,000,000, and 12,500,000 flow-through units sold at $0.1728 per unit, generating gross proceeds of C$2,160,000 [1][2]. - Each unit includes one common share and one-half of a common share purchase warrant, while each flow-through unit includes one share qualifying as a "flow-through share" and one-half of a warrant [5]. Group 2: Use of Proceeds - Proceeds from the Offering will be allocated to Canadian exploration expenses, specifically for the Company's projects in the Spences Bridge Gold Belt, including expanding the exploration drilling program at the Shovelnose gold project to at least 5,000 meters [3][4]. - The gross proceeds from the flow-through units will be used for qualifying expenditures, which will be incurred by December 31, 2026, and renounced to subscribers by December 31, 2025 [3]. Group 3: Company Overview - Westhaven Gold Corp. focuses on gold exploration and development, controlling approximately 61,512 hectares in the Spences Bridge Gold Belt, with the Shovelnose Gold project being the most advanced property [9]. - The Shovelnose Gold project has a recently updated Preliminary Economic Assessment indicating a potential average annual gold production of 56,000 ounces and an after-tax NPV of Cdn$454 million [9].