Business
Wescan completes private placement for gross proceeds of $1,555,500
Wescan completes private placement for gross proceeds of $1,555,500.
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, July 19 /CNW/ - Maurice Lindsay, President of Wescan\nGoldfields Inc. ("Wescan" or the "Corporation"), reports that Wescan has\ncompleted, subject to final regulatory approval, a non-brokered private\nplacement of 3,888,750 flow-through shares of Wescan at a price of $0.40 per\nshare on July 18, 2007 for gross proceeds of $1,555,500 (the "Offering").\n\n\nWescan will pay finders fees, equal to 5 % of the gross proceeds raised\nby a finder ("Finder") under the Offering and will issue Finders warrants\nequal to 5 % of the gross proceeds sold by such Finder pursuant to the\nOffering (the "Finders Warrants"). Each Finders Warrant will entitle the\nholder to acquire one common share of Wescan on non flow-through basis at an\nexercise price of $0.40 per share for a period of 12 months following the\nclosing date. All securities issued pursuant to the Offering and the Finder's\nfees will be subject to a four month hold period in accordance with applicable\nsecurities laws and exchange regulations.\n\n\nProceeds will be applied to fund exploration of the Jojay and Fork Lake\nGold projects in Northern Saskatchewan, exploration expenditures for uranium\nrelative to the Santoy joint venture in Northern Saskatchewan's Athabasca\nBasin, exploration expenditures on the Mud Lake Joint Venture in Northern\nOntario and general exploration operating expenses.\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\n"The TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release."\n\n\n%SEDAR: 00021049E\n\n\n","length":1907,"tagName":"div"}]