Corporate Properties News Investors
 
 
Last 0.02 Volume 30000 Day High 0.02 Day Low 0.02 Last Trade Date 2024-11-14 - 10:00:05
Archive 2023
Archive 2022
Archive 2021
Archive 2020
Archive 2018
Archive 2017
Archive 2016
Archive 2015
Archive 2014
Archive 2013
Archive 2012
Archive 2011
Archive 2010
Archive 2009
Archive 2008
Archive 2007
Archive 2006
Archive 2005
Archive 2004

Wescan Completes Private Placements For Gross Proceeds Of $1,400,000

December 16, 2004

George Sanders, President of Wescan Goldfields Inc. (“Wescan”), reports that Wescan has completed, subject to final regulatory approval, a private placement of 2,394,000 Units of Wescan at a price of $0.25 per Unit and 2,680,393 Flow-Through Shares of Wescan at a price of $0.30 per share. Gross proceeds of $598,500 were received from the Unit offering and $805,920 from the Flow-Through offering all from subscribers resident in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. 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 $0.30 per share.

Wescan will pay $60,546 in finders’ fees, equal to 5 per cent of the gross proceeds raised by a finder under the offerings and will issue 242,183 compensation warrants equal to 5 percent of the gross proceeds sold by such finder pursuant to the offering. Each compensation warrant will entitle the holder to acquire one common share at an exercise price of $0.30 per share for a period of 12 months following the closing date. All securities will be subject to a four month hold period in accordance with applicable securities laws.

Wescan will use the proceeds from the private placements for exploration of its La Ronge, Saskatchewan area gold properties and for working capital.

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.

-END-

“The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.”

 
 
© Copyright Wescan Goldfields Inc. 2007 Home  |  Corporate  |  Properties  |  News  |  Investors  |  Contact Us
 
Designed & Powered by Blender Media