Business
Wescan completes private placements for $1 million
/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, Oct. 20 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the\n"Corporation") is pleased to announce that it has closed two tranches of a\nprivate placement financing consisting of an aggregate of 1,859,666 common\nshares in the capital of the Corporation ("Common Shares") issued on a\nflow-through basis pursuant to the Income Tax Act (Canada) (each a "FT Share")\nat a price of $0.30 per FT Share and 1,641,481 units of the Corporation\n("Units") at a price of $0.27 per Unit, for aggregate gross proceeds of\n$1,001,099.67 (collectively, the "Offering"). Each Unit consists of one Common\nShare issued on a non flow-through basis, and one half of one Common Share\npurchase warrant (each a "Unit Warrant"). Each whole Unit Warrant entitles the\nholder thereof to purchase one Common Share on a non flow-through basis at a\nprice of $0.35 for a period of 12 months from the date of issuance. Insiders\nof the Corporation purchased an aggregate of $400,000 of Units and $149,500 of\nFT Shares.\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 $0.35 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...