Wescan Completes Private Placement
For Gross Proceeds Of $877,500
February 23, 2005
George Sanders, President of Wescan Goldfields Inc. (“Wescan”), is pleased to announce that
Wescan has completed, subject to final regulatory approval, a private placement of 3,250,000
Units of Wescan at a price of $0.27 per Unit for total gross proceeds of $877,500. Each Unit
consists of one common share and one half of one common share purchase warrant. Each whole
warrant is exercisable into one common share for a period of 12 months from the closing date
upon payment by the holder of $0.32 per share.
Wescan will pay $19,507.50 in finders’ fees being 5 per cent of the gross proceeds raised by a
finder related to this private placement. The securities hereby issued will be subject to a fourmonth
hold period in accordance with applicable securities laws. Such hold period expires on
June 23, 2005.
Wescan will use the proceeds from the private placement for exploration of its properties and for
general working capital purposes.
Wescan is a Canadian-based corporation engaged in the acquisition, exploration and
development of mineral properties.
For further information please contact:
Kenneth E. MacNeill, Chairman and C.E.O. or George Sanders, President at (306) 664-2202.
“The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.”