Business
Wescan closes first tranche of private placement for $450,000
Wescan closes first tranche of private placement for $450,000
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n May 10, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES/\n\nStock Symbol: WGF: TSX-V\n\n Wescan Goldfields Inc. ("Wescan" or the "Corporation") is pleased to announce that it has closed the first tranche of a private placement financing consisting of an aggregate of 3,461,539 units of the Corporation ("Units") at a price of $0.13 per Unit, for gross proceeds of $450,000 (collectively, the "Offering"). Each Unit consists of one Common Share, and one half of one Common Share purchase warrant (each a half "Unit Warrant"). Each whole Unit Warrant entitles the holder thereof to purchase one Common Share at a price of $0.22 for a period of 12 months from the date of issuance.\nThe Corporation will not pay finders cash fees nor will it issue finders warrants for this tranche.\nAll securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable securities laws and exchange regulations.\nProceeds raised will be applied to fund continued exploration of the Corporation's coal projects near Hudson Bay and Pinehouse Lake, Saskatchewan as well as general corporate purposes.\n\nWescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the TSX Venture Exchange under the trading symbol "WGF".\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\n\nCaution Regarding Forward-looking Information\n\nThis press release contains forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate"...