Business
Wescan completes private placement for $313,470
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES/ Stoc...
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE\nDISTRIBUTION SERVICES/\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, Sept. 4 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the\n"Corporation") is pleased to announce that it has closed a private placement\nfinancing consisting of an aggregate of 1,741,499 units of the Corporation\n("Units") at a price of $0.18 per Unit, for gross proceeds of $313,469.82\n(collectively, the "Offering"). Each Unit consists of one Common Share issued\non a non flow-through basis, and one half of one Common Share purchase warrant\n(each a "Unit Warrant"). Each whole Unit Warrant entitles the holder thereof\nto purchase one Common Share on a non flow-through basis at a price of $0.35\nfor a period of 12 months from the date of issuance. Insiders of the\nCorporation purchased $53,399 of Units.\n\n\nThe Corporation will pay certain finders (each a "Finder") cash fees\nequal to 7% of the gross proceeds raised by such Finder pursuant to the\nOffering, and will issue such Finder Warrants equal to 7% of the number of\nUnits and FT Shares attributable to such Finder pursuant to the Offering (the\n"Finder's Warrants"). Each Finder's Warrant will entitle the holder to acquire\none Common Share on a non flow-through basis at an exercise price of $0.30 per\nCommon Share for a period of 12 months from the date of issuance. No such fees\nare payable on securities purchased by insiders of the Corporation.\n\n\nAll securities issued pursuant to the Offering and the Finder's fees are\nsubject to a four month hold period in accordance with applicable securities\nlaws and exchange regulations.\n\n\nProceeds raised will be applied to fund exploration of the Corporation's\nnew coal project near Hudson Bay, Saskatchewan as well as other corporate\nportfolio projects and general corporate purposes.\n\n\nWescan is a Canadian-based corporation engaged in the acquisition,\nexploration and development of mineral properties. Shares of Wescan trade on\nthe TSX Venture Exchange under the trading symbol "WGF".\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\n","l...