Post by Franko10 ™ on Feb 23, 2005 18:25:06 GMT -5
Wescan completes private placement for gross proceeds of $877,500 Stock Symbol: WGF: TSX-VEN
SASKATOON, Feb. 23 /CNW/ - 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 four-month 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. "The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release."
For further information: Kenneth E. MacNeill, Chairman and CEO or George Sanders, President at (306) 664-2422
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