Northaven Closes First Tranche of Financing
16 August 2011 - 2:34AM
Marketwired
NORTHAVEN RESOURCES CORP. (TSX VENTURE: NTV) is pleased to announce
that it has completed the first tranche of its non-brokered private
placement announced on June 27, 2011. The placement is comprised of
flow through shares ("FT Shares"), offered at a price of $0.19 per
FT Share, super flow through units ("FT Units") offered at a price
of $0.20 per FT Unit and non-flow through units ("NFT Units"),
offered at a price of $0.15 per NFT Unit. Each FT Unit is comprised
of one common share issued as a "super flow through" share and a
one half (1/2) two year non-flow-through share purchase warrant
exercisable at a price of $0.30. Each FT Unit is comprised of one
non-flow through common share and a one half (1/2) two year
non-flow-through share purchase warrant exercisable at a price of
$0.25.
The Company has now completed the sale of 455,000 FT Shares,
2,174,500 FT Units and 2,629,500 NFT Units with total gross
proceeds of $743,500 for this tranche of the Placement. The Company
also paid finders' fees of $10,423 to certain qualified persons who
assisted in securing subscribers, resulting in net proceeds of
$733,077. All shares were issued subject to a statutory hold period
expiring November 29, 2011.
The gross proceeds of the flow-through portion of the Private
Placement will be used to cover expenditures on the Company's
properties in British Columbia qualifying as "Canadian Exploration
Expense". The net proceeds of the non-flow-through portion of the
placement (after payment of finders' fees and transaction costs)
will be used to fund exploration of the Company's properties and
for general corporate purposes.
On behalf of the Board of Directors of NORTHAVEN RESOURCES
CORP.
Allen D. Leschert, CEO
This news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties
and are subject to factors, many of which are beyond Northaven's
control, and may cause actual results or performance to differ
materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Northaven Resources Corp. Malcolm Fraser President 604
696-3608 malcolm@northavenresources.com Northaven Resources Corp.
Allen Leschert CEO 604 696-3600 allen@northavenresources.com
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