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Westhaven eyes C$7.4M to step up Shovelnose gold project exploration

Westhaven Ventures Inc. intends to complete a nonbrokered private placement to raise up to about C$7.4 million.

President and CEO Gareth Thomas commented that this financing will allow the company to expand drilling at its Shovelnose gold property in British Columbia, with the flexibility to explore additional regional targets as well.

The company added Sept. 17 that the proceeds will also be used for working capital purposes and work related to the company's other assets in British Columbia.

The private placement will consist of up to 7 million units at C$1.05 per unit, each of which will be comprised of one share and one half nontransferable warrant. Each full warrant will entitle the holder to purchase a share at C$1.50 for up to 24 months from closing.

Strongbow Exploration Inc. recently closed a loan settlement agreement with Osisko Gold Royalties Ltd. worth C$1.5 million, in return for the transfer of royalty on Westhaven's Shovelnose project.