Westhaven Gold Corp. (TSX.V: WHN)
Announced that it has entered into a financing arrangement with Franco-Nevada Corporation (TSX, NYSE: FNV), the leading gold-focused royalty and streaming company.
Westhaven has agreed to sell a 2% net smelter return royalty to Franco-Nevada for US$6,000,000. The NSR applies to all of Westhaven’s claims across the Spences Bridge Gold Belt, in B.C., Canada.
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| Westhaven Gold | TSX.v : WHN |
| Stage | Exploration |
| Metals | Gold |
| Market cap | C$55 m @ 42 cents |
| Location | British Columbia, Canada |
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Westhaven Gold – Shovelnose Mountain vista, near Merritt, B.C.
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Westhaven Arranges Financing Package With Franco-Nevada Corporation
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Vancouver, B.C. – September 14th, 2022 – Westhaven Gold Corp. (TSX.V: WHN) (“Westhaven” or the “Company”) is pleased to announce that it has entered into a financing arrangement with Franco-Nevada Corporation (TSX, NYSE: FNV) (“Franco-Nevada”), the leading gold-focused royalty and streaming company.
Westhaven has agreed to sell a 2% net smelter return royalty (the “NSR”) to Franco-Nevada for US$6,000,000 (the “NSR Transaction”).
The NSR applies to all of Westhaven’s claims across the Spences Bridge Gold Belt (the “SBGB”) in Southwestern British Columbia, Canada.
Westhaven has an option to buy-down 0.5% of the NSR for US$3,000,000 for a period of 5 years from the closing of the transaction.
Westhaven has also agreed to sell to Franco-Nevada for US$750,000 the Talisker Resources Ltd. net smelter return royalty (the “Talisker Royalty”) originally granted to Westhaven by Sable Resources Ltd. and referenced in Westhaven’s news release dated October 16th, 2018 (the “Talisker Royalty Transaction”). Link to news release: Westhaven news release October 16th, 2018
In addition, Franco-Nevada has agreed to subscribe for 2,500,000 shares of the Company at a price of CAD$0.40 for gross proceeds of CAD$1,000,000 (the “Private Placement”).
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Gareth Thomas, President & CEO, comments:
“We are very pleased to welcome Franco-Nevada as a shareholder and stakeholder in Westhaven and the Spences Bridge Gold Belt.
“Franco-Nevada’s investment is a major endorsement of Westhaven’s properties in Southwestern British Columbia. Westhaven’s exploration activities across its projects are now fully financed until 2024.”
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Westhaven has an ongoing drill campaign at its 100% owned 17,623-hectare Shovelnose gold property.
Shovelnose is located within the SBGB and borders the Coquihalla Highway 30 km south of Merritt, British Columbia.
Westhaven benefits from the B.C. Mining Exploration Tax Credit (the “METC”) which is a permanent incentive to support investment in mining. The METC is a refundable B.C. income tax credit for eligible individuals and corporations conducting grassroots mineral exploration in B.C. and can be claimed on up to 30% of qualified mining exploration expenditures.
Westhaven can claim the full 30% METC as its properties fall within mountain pine beetle affected areas.
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To read the full news release, please click HERE
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclosure
At the time of writing the author does not hold shares in Westhaven Gold.
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