Wescan arranges $500,000 flow-through placement

About this update from Wescan Goldfields Inc.

Stock Symbol: WGF: TSX-VEN SASKATOON, Dec. 13 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan"), reports that Wescan has arranged a non-brokered private placement of flow-through shares with 49 North Resource Flow-Through Limited Partnership for the issuance of 694,444 flow-through shares at a price of $0.72 per flow-through share for gross proceeds of $500,000. The securities offered hereby will be subject to a four-month hold period from the closing date in accordance with applicable securities laws. 49 North Resource Flow-Through Limited Partnership has been formed to invest in a diversified portfolio of flow-through shares of mining and oil and gas companies with exploration programs in Saskatchewan. Proceeds will be applied to geophysical surveys of the Company's 50% owned uranium prospecting permits in the Athabasca Basin and to further drilling on Wescan's 100% owned Fork Lake property. Wescan will pay a cash fee of 4% 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."

View stock analysis, news, and events for Wescan Goldfields Inc.