Stock Symbol: WGF: TSX-V
SASKATOON, July 19 /CNW/ - Maurice Lindsay, President of Wescan Goldfields Inc. ("Wescan" or the "Corporation"), reports that Wescan has completed, subject to final regulatory approval, a non-brokered private placement of 3,888,750 flow-through shares of Wescan at a price of $0.40 per share on July 18, 2007 for gross proceeds of $1,555,500 (the "Offering").
Wescan will pay finders fees, equal to 5 % of the gross proceeds raised by a finder ("Finder") under the Offering and will issue Finders warrants equal to 5 % of the gross proceeds sold by such Finder pursuant to the Offering (the "Finders Warrants"). Each Finders Warrant will entitle the holder to acquire one common share of Wescan on non flow-through basis at an exercise price of $0.40 per share for a period of 12 months following the closing date. All securities issued pursuant to the Offering and the Finder's fees will be subject to a four month hold period in accordance with applicable securities laws and exchange regulations.
Proceeds will be applied to fund exploration of the Jojay and Fork Lake Gold projects in Northern Saskatchewan, exploration expenditures for uranium relative to the Santoy joint venture in Northern Saskatchewan's Athabasca Basin, exploration expenditures on the Mud Lake Joint Venture in Northern Ontario and general exploration operating expenses.
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".
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
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