Wescan Goldfields Announces Proposed Private Placement

About this update from Wescan Goldfields Inc.

SASKATOON, SK, April 30, 2026 /CNW/ - Wescan Goldfields Inc. (TSXV: WGF) ("Wescan" or the "Company") is pleased to announce that it intends to complete a private placement of up to 11,363,636 units of the Company (the "Units") at a price of $0.22 per Unit, for aggregate gross proceeds of up to $2,500,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one half Common Share purchase warrant of the Company (each, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.35 for a period of twenty-four months from the date of issuance thereof. The Company intends to use the proceeds from the Offering to fund the 2026 summer drilling program at the Munro Lake Project, and for general working capital purposes. The program is designed to follow up on the encouraging results from the 2013 drill campaign, which totalled 1,052 metres and intersected significant high-grade mineralization, including 67.1 g/t gold over 1.00 metres in EXML-002 and 7.1 g/t gold over 1.02 metre in EXML-001 (see news release dated June 17, 2013). The Munro Lake Project is located approximately 7 km Northeast of the SSR Mining Inc Seabee Mine/ Mill complex. The program is expected to commence in June 2026. Insiders may participate up to 20% of the Offering. The Offering will be conducted pursuant to available exemptions from the registration and prospectus requirements of applicable securities legislation, including sales through investment dealers, sales to accredited investors and sales to close personal friends and business associates of directors and officers of the Company. The Company intends to solicit subscriptions from subscribers who are not currently shareholders of the Company pursuant to these exemptions. The Company may also pay finders' fees to eligible finders in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange"). The finders' fees will consist of cash equal to 6% of the proceeds raised pursuant to the Offering and one whole Common Share purchase warrant of the Company (the "Finders' Warrants") in an amount equal to 6% of the number of Units issued pursuant to the Offering that are attributable to finders. Each whole Finders' Warrant will entitle the holder thereof to purchase one Co...

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