Owner
Post by Franko10 ™ on Sept 21, 2005 14:21:39 GMT -5
Wescan to raise $4,000,000
Stock Symbol: WGF: TSX-VEN
SASKATOON, Sept. 21 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan") is pleased to announce that Wescan is conducting a non brokered private placement of up to 5,800,000 Units of Wescan at $0.35 per Unit and a non brokered private placement of up to 4,600,000 flow-through shares priced at $0.43 per share.
Each Unit is comprised of one common share of Wescan and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.45 for a period of one year from the closing date of the offering. In the event the offering is fully subscribed, the Unit offering will generate gross proceeds of $2,030,000 and the flow through shares will generate gross proceeds of $1,978,000 for total gross proceeds of $4,008,000.
The securities offered hereby will be subject to a four-month hold period from the closing date in accordance with applicable securities laws.
Proceeds will be applied to further drilling on Wescan's 100% owned Fork Lake property which includes the former producing Jasper Gold Mine; for geophysical surveys of the Company's 50% owned uranium prospecting permits in the Athabasca Basin, and for general working capital purposes.
Wescan will pay a 6% cash fee and 6% warrant of the gross proceeds raised by a finder related to this private placement. The placement is subject to final approval of the TSX Venture Exchange.
Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company 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."
For further information: George Sanders, President or Wade MacBain, Corporate Development at (306) 664-2422.
Stock Symbol: WGF: TSX-VEN
SASKATOON, Sept. 21 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan") is pleased to announce that Wescan is conducting a non brokered private placement of up to 5,800,000 Units of Wescan at $0.35 per Unit and a non brokered private placement of up to 4,600,000 flow-through shares priced at $0.43 per share.
Each Unit is comprised of one common share of Wescan and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.45 for a period of one year from the closing date of the offering. In the event the offering is fully subscribed, the Unit offering will generate gross proceeds of $2,030,000 and the flow through shares will generate gross proceeds of $1,978,000 for total gross proceeds of $4,008,000.
The securities offered hereby will be subject to a four-month hold period from the closing date in accordance with applicable securities laws.
Proceeds will be applied to further drilling on Wescan's 100% owned Fork Lake property which includes the former producing Jasper Gold Mine; for geophysical surveys of the Company's 50% owned uranium prospecting permits in the Athabasca Basin, and for general working capital purposes.
Wescan will pay a 6% cash fee and 6% warrant of the gross proceeds raised by a finder related to this private placement. The placement is subject to final approval of the TSX Venture Exchange.
Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company 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."
For further information: George Sanders, President or Wade MacBain, Corporate Development at (306) 664-2422.
