Westhaven Gold Corp. Secures $3 M in Private Placement with Dundee Corporation
Westhaven Gold Corp. (TSX‑V: WHN) announced on January 3, 2026 that it has closed a private placement with Dundee Corporation (TSX: DC.A). The transaction involved the issuance of 12 million common shares at a price of C$0.25 per share, generating aggregate gross proceeds of C$3 million for the exploration‑focused company.
Allocation of Net Proceeds
After accounting for customary underwriting and transaction expenses, Westhaven will receive up to C$2 million in net proceeds. Management plans to deploy this capital primarily toward exploration activities in the Spences Bridge Gold Belt, with a focus on drilling campaigns that will advance the company’s flagship projects. An additional C$500 000 is earmarked to maintain the company’s property portfolio in good standing, ensuring continued compliance with regulatory and stewardship requirements.
Strategic Implications
The infusion of cash strengthens Westhaven’s balance sheet and positions it to accelerate technical studies, resource modelling, and permitting work. Given the company’s historical focus on high‑grade gold prospects within Canada’s Spences Bridge Gold Belt, the added liquidity will enable a more aggressive drilling schedule, potentially unlocking additional reserves that could drive future valuation multiples.
Market Context
With a market capitalization of approximately C$66.2 million and a recent close of C$0.24, Westhaven’s stock has traded within a 52‑week range of C$0.085 to C$0.29. The price‑earnings ratio of –28.47 reflects the company’s pre‑profit status, typical for a pure‑play exploration firm. The private placement underscores investor confidence in Westhaven’s asset base and the broader outlook for Canadian gold exploration.
Forward‑Looking Perspective
From an insider standpoint, the successful closing of this private placement signals a sustained appetite for capital among niche miners. The capital allocation plan—primarily focused on drilling—aligns with the industry consensus that high‑grade, near‑surface resources can be identified with a relatively modest exploration budget. Should the drilling program confirm the presence of significant gold zones, Westhaven could see a sharp upside in share value, given the low current price relative to its asset potential.
In summary, Westhaven Gold Corp.’s $3 million private placement with Dundee Corporation is a decisive step toward advancing its exploration agenda in one of Canada’s most prolific gold belts, providing the financial foundation necessary to translate geological promise into tangible resource development.
