Business
WESCAN COMPLETES PRIVATE PLACEMENT AND DEBT SETTLEMENT
WESCAN COMPLETES PRIVATE PLACEMENT AND DEBT SETTLEMENT
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n Oct. 29, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, Oct. 29 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the\n "Company") is pleased to announce that it has completed a private\n placement financing (as announced on October 27, 2010) consisting of an\n aggregate of 6,000,000 units of the Company ("Units") at a price of\n $0.05 per Unit, for gross proceeds of $300,000 (collectively, the\n "Offering"). Each Unit consists of one Common Share, and one half of\n one Common Share purchase warrant (each a half "Unit Warrant"). Each\n whole Unit Warrant entitles the holder thereof to purchase one Common\n Share at a price of $0.10 for a period of 12 months from the time of\n issuance.\n\n\nInsiders of the Company purchased $150,000 of Units.\n\nThe Company will not pay finders cash fees nor will it issue finders\n warrants for the private placement.\n\nAll securities issued pursuant to the Offering are subject to a four\n month hold period in accordance with applicable securities laws and\n exchange regulations.\n\nProceeds raised will be applied to fund continued exploration of the\n Corporation's coal projects near Hudson Bay, Saskatchewan as well as\n general corporate purposes.\n\nWescan also announces that it has issued 3,000,000 Common Shares to a\n third party at $0.05 per share to settle debt in the amount of $150,000\n as announced on October 27, 2010.\n\nWescan is a Canadia...