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Wescan Goldfields Inc.
Wescan to raise $4,000,000
Published Sep 21 2005
5 min read

Wescan to raise $4,000,000

Stock Symbol: WGF: TSX-VEN 

SASKATOON, Sept. 21 /CNW/ - George Sanders, President of Wescan
Goldfields Inc. ("Wescan") is pleased to announce that Wescan is conducting a
non brokered private placement of up to 5,800,000 Units of Wescan at $0.35 per
Unit and a non brokered private placement of up to 4,600,000 flow-through
shares priced at $0.43 per share. Each Unit is comprised of one common share
of Wescan and one half of a common share purchase warrant. Each whole warrant
entitles the holder to purchase an additional common share at a price of $0.45
for a period of one year from the closing date of the offering. In the event
the offering is fully subscribed, the Unit offering will generate gross
proceeds of $2,030,000 and the flow through shares will generate gross
proceeds of $1,978,000 for total gross proceeds of $4,008,000.
The securities offered hereby will be subject to a four-month hold period
from the closing date in accordance with applicable securities laws.
Proceeds will be applied to further drilling on Wescan's 100% owned Fork
Lake property which includes the former producing Jasper Gold Mine; for
geophysical surveys of the Company's 50% owned uranium prospecting permits in
the Athabasca Basin, and for general working capital purposes.
Wescan will pay a 6% cash fee and 6% warrant of the gross proceeds raised
by a finder related to this private placement. The placement is subject to
final approval of the TSX Venture Exchange.

Wescan is a Canadian-based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of the Company trade
on the TSX Venture Exchange under the trading symbol "WGF".


   "The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release."