Stock Symbol: WGF: TSX-VEN
SASKATOON, Sept. 28 /CNW/ - George Sanders, President of Wescan
Goldfields Inc. ("Wescan") is pleased to report the completion of the second
and final closing of its non brokered private placement of an aggregate of
3,081,142 Units of Wescan at a price of $0.35 per Unit for gross proceeds of
$1,078,399.70 and of an aggregate of 2,065,113 flow through shares at a price
of $0.43 per share for gross proceeds of $887,998.59. Each Unit consists of
one share and one half of one common share purchase warrant, with each whole
warrant exercisable into one common share for a period of 12 months from
September 28, 2005 upon payment by the holder of $0.45 per common share. All
of the securities will be subject to a four-month hold period in accordance
with applicable securities laws.
Together with the first closing on September 22, 2005, the cumulative
completed non brokered private placements amount to 5,437,628 Units of Wescan
at a price of $0.35 per Unit for gross proceeds of $1,903,169.80 and
4,691,236 flow through shares at a price of $0.43 per share for gross proceeds
of $2,017,231.48. Total gross proceeds are $3,920,401.28.
Finders' fees of 6% cash, totalling $95,404.40, and a 6% warrant fee,
totalling 241,898 warrants, are payable on a portion of the second closing of
these placements.
Wescan is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of the Company trade
on the TSX Venture Exchange under the trading symbol "WGF".
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."