Oct. 27, 2010 (Canada NewsWire Group) --
Stock Symbol: WGF: TSX-V
SASKATOON, Oct. 27 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the "Company") is pleased to announce that it is undertaking a private placement financing consisting of an aggregate of 6,000,000 units of the Company ("Units") at a price of $0.05 per Unit, for gross proceeds of $300,000 (collectively, the "Offering"). Each Unit consists of one Common Share, and one half of one Common Share purchase warrant (each a half "Unit Warrant"). Each whole Unit Warrant entitles the holder thereof to purchase one Common Share at a price of $0.09 for a period of 12 months from the time of issuance.
Insiders will be participating at greater than 25% of the placement.
The Company will not pay finders cash fees nor will it issue finders warrants for the private placement.
All securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable securities laws and exchange regulations.
Proceeds raised will be applied to fund continued exploration of the Company's coal projects near Hudson Bay, Saskatchewan as well as for general corporate purposes.
Wescan also announces that it will settle debt with a third party by issuing 3,000,000 Common Shares of Wescan valued at $0.05 per share for a total of $150,000.
Both transactions are subject to regulatory approval by the TSX Venture Exchange and compliance with applicable securities laws.
Wescan is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the TSX Venture Exchange under the trading symbol "WGF".
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Darren Anderson, President or Harvey Bay, Chief Financial Officer at (306) 664-2422