Business
Wescan Goldfields Inc. announces closing of first tranche of private placement
Stock Symbol: WGF: TSX-V SASKATOON, Dec. 31, 2012 /CNW/ - Wescan Goldfields Inc. ("Wesc...
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\n\n\nStock Symbol: WGF: TSX-V\n\n\nSASKATOON, Dec. 31, 2012 /CNW/ - Wescan Goldfields Inc. (\"Wescan\" or the\n \"Corporation\") is pleased to announce that it has closed the first\n tranche of its private placement financing consisting of an aggregate\n of 6,900,000 Common Shares in the capital of the Corporation (\"Common\n Shares\"). Common Shares of 3,500,000 will be issued on a flow-through\n basis pursuant to the Income Tax Act (Canada) (each a \"FT Unit\") at a price of $0.06 per FT Unit for\n aggregate gross proceeds of $210,000.00 (the \"Offering\"). Each FT Unit\n will consist of one Common Share issued on a flow-through basis (\"FT\n Share\"), and one-half of one Common Share purchase warrant (each a \"FT\n Unit Warrant\"). Common Shares of 3,400,000 will be issued on a non\n flow-through basis, (each \"Unit\") at a price of $0.05 per Unit for\n aggregate gross proceeds of $170,000.00 (collectively, the \"Offering\").\n Each Unit will consist of one Common Share issued on a non flow-through\n basis, and one whole Common Share purchase warrant (each a \"Unit\n Warrant\"). Each whole FT Unit Warrant and Unit Warrant will entitle the\n holder thereof to purchase one Common Share on a non flow-through basis\n at a price of $0.10 for a period of 24 months from the date of\n issuance.\n\n\nThe Corporation will not be paying certain finder cash fees or finder\n warrants for the first tranche Offering.\n\n\nAll securities issued pursuant to the first tranche Offering will be\n subject to a four month hold period in accordance with applicable\n securities laws and exchange regulations.\n\n\nThe Corporation intends to apply proceeds realized from the Offering to\n fund further exploration on the Corporation's Jojay, Fork Lake, Transom\n Lake and Tamar Lake gold properties in northern Saskatchewan located in\n the La Ronge Gold Belt. The funds will also be used to fund exploration\n of the Munro Lake gold property also located in northern Saskatchewan,\n which is on trend with Claude Resources Inc.'s Santoy zones, as well as\n for general corporate purposes.\n\n\nWescan is a Canadian-based corporation engaged in the acquisition,\n exploration and development of mineral properties. Shares of Wescan\n trade on the TSX Venture Exchange under the trading symbol \"WGF\".\n\n\nCaution Regarding Forward-Looking Statements\n\n\nC...