Business
Wescan Goldfields Inc. Updates Proposed Private Placement
Stock Symbol: WGF: TSX-V SASKATOON, Dec. 18, 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. 18, 2012 /CNW/ - Wescan Goldfields Inc. (\"Wescan\" or the\n \"Corporation\") has updated the terms of their recently announced\n proposed private placement (See December 14, 2012 News Release) where\n each FT Unit will now consist of one Common Share issued on a\n flow-through basis (\"FT Share\"), and one-half of one Common Share\n purchase warrant (each a \"FT Unit Warrant\"). Each Unit will now consist\n of one Common Share issued on a non flow-through basis, and one whole\n Common Share purchase warrant (each a \"Unit Warrant\"). Wescan intends\n to issue up to 16,666,667 common shares in the capital of the\n Corporation (\"Common Shares\") on a flow-through basis pursuant to the Income Tax Act (Canada) (each a \"FT Unit\") at a price of $0.06 per FT Unit and up to\n 10,000,000 units of the Corporation (\"Units\") at a price of $0.05 per\n Unit, for intended aggregate gross proceeds of up to $1,500,000\n (collectively, the \"Offering\"). Each whole FT Unit Warrant and Unit\n Warrant will entitle the holder thereof to purchase one Common Share on\n a non flow-through basis at a price of $0.10 for a period of 24 months\n from the date of issuance.\n\n\nThe Corporation intends to pay certain finders (each a \"Finder\") cash\n fees of up to 7% of the gross proceeds raised by such Finder pursuant\n to the Offering, and intends to issue finder warrants equal to 7% of\n the number of Units and/or FT Shares attributable to such Finder\n pursuant to the Offering (the \"Finder's Warrants\"). Each Finder's\n Warrant will entitle the holder to acquire one Common Share on a non\n flow-through basis at an exercise price of $0.10 for a period of 24\n months from the date of issuance.\n\n\nAll securities issued pursuant to the Offering and the Finder's Warrants\n will be subject to a four month hold period in accordance with\n applicable securities laws and exchange regulations.\n\n\nInsiders will be participating at greater than 25% of the placement.\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...