Owner
Post by Franko10 ™ on Sept 24, 2005 9:26:52 GMT -5
Wescan expands private placement
Stock Symbol: WGF: TSX-VEN
SASKATOON, Sept. 23 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan") is pleased to announce that the previously announced non-brokered private placement dated September 21, 2005 has been expanded from 5,800,000 Units to 6,500,000 Units of Wescan at $0.35 per Unit and also expanded the non brokered private placement of flow-through shares from 4,600,000 flow through shares to 5,000,000 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 $2,275,000 and the flow through shares will generate gross proceeds of $2,150,000 for total gross proceeds of $4,425,000. Wescan is not accepting any further subscriptions related to this private placement.
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: please contact: George Sanders, President or Wade MacBain, Corporate Development at (306) 664-2422
Stock Symbol: WGF: TSX-VEN
SASKATOON, Sept. 23 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan") is pleased to announce that the previously announced non-brokered private placement dated September 21, 2005 has been expanded from 5,800,000 Units to 6,500,000 Units of Wescan at $0.35 per Unit and also expanded the non brokered private placement of flow-through shares from 4,600,000 flow through shares to 5,000,000 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 $2,275,000 and the flow through shares will generate gross proceeds of $2,150,000 for total gross proceeds of $4,425,000. Wescan is not accepting any further subscriptions related to this private placement.
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: please contact: George Sanders, President or Wade MacBain, Corporate Development at (306) 664-2422
