/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
Stock Symbol: WGF: TSX-V
SASKATOON, SK,
Feb. 11, 2022 /CNW/ -
Wescan Goldfields Inc. ("Wescan" or the "Company") is pleased to
announce that it is undertaking a private placement financing
consisting of an aggregate of up to 2,777,778 Flow-Through Common
Shares of the Company at a price of $0.09 per Flow-Through Common Share and an
aggregate of up to 3,571,429 Units of the Company at a price of
$0.07 per Unit, for gross proceeds of
up to $500,000 (collectively, the
"Offering"). Each Unit is comprised of one common share and one
warrant. Each whole warrant will entitle the holder thereof to
purchase one common share at a price of $0.10, for a period of twelve months from closing
of the Offering. Insiders may participate at greater than 25%
of the Offering. The proceeds from the Offering will be used by
Wescan to incur Canadian exploration expenses ("Qualifying
Expenditures") on the Company's gold properties and for general
working capital purposes. Wescan will renounce the Qualifying
Expenditures to subscribers of the Flow-Through Common Shares.
The Offering will be conducted pursuant to prospectus
exceptions, including sales to accredited investors and to close
personal friends and business associates of directors and officers
of the Company. Subscribers purchasing shares under the
prospectus exemptions for accredited investors and close personal
friends and business associates of directors and officers of the
Company will need to make customary representations and warranties
in writing that they meet certain requirements of the
exemptions.
The Company may also issue common shares from treasury equal to
6% ("Finder Shares") and warrants ("Finder Warrants"), equal to 6%
of the number of Flow-Through Shares and Units attributable to
Finders pursuant to the Offering. Each Finder's Warrant will
entitle the holder thereof to purchase one common share at a price
of $0.10, for a period of twelve
months from closing of the Offering. All securities issued pursuant
to the Offering are subject to a four month hold period in
accordance with applicable securities laws and exchange
regulations.Closing of the private placement is subject to the
receipt of applicable regulatory approvals including approval of
the TSX-V.
The offer and sale of the securities offered in the Offering
has not been and will not be registered under the US Securities Act
of 1933, as amended, or any state securities laws, and such
securities may not be offered or sold in the United States absent registration or
applicable exemption from such registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States or in any jurisdiction in
which the offer, sale or solicitation would be unlawful.
Wescan is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of Wescan
trade on
the TSX-V under the trading symbol "WGF".
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Wescan Goldfields Inc.