Business
Wescan completes private placement for $736,000
/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, Nov. 5 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the\n"Corporation") is pleased to announce that it has closed a second tranche (the\n"Tranche 2 Offering") of the private placement financing announced on October\n27, 2008 (the "Tranche 1 Offering"). The Tranche 2 Offering consisted of an\naggregate of 3,200,000 common shares in the capital of the Corporation\n("Common Shares") issued on a flow-through basis pursuant to the Income Tax\nAct (Canada) (each a "FT Share") at a price of $0.23 per FT Share for\naggregate proceeds of $736,000.00.\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\nTranche 1 Offering and Tranche 2 Offering, and will issue such Finders\nwarrants equal to 7% of the number of FT Shares attributable to such Finder\n(the "Finder's Warrants"). Each Finder's Warrant will entitle the holder to\nacquire one Common Share on a non flow-through basis at an exercise price of\n$0.35 per Common Share for a period of 12 months from the date of issuance. No\nsuch fees are payable on securities purchased by insiders of the Corporation.\n\n\nAll securities issued pursuant to the Tranche 2 Offering and the Finder's\nfees are subject to a four month hold period in accordance with applicable\nsecurities laws 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.\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\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this News Release.\n\n\n%SEDAR: 00021049E\n\n\n","length":2246,"tagName":"div"}]