Wescan Goldfields Inc. press release
Wescan Completes First Closing of Private Placements
TSXV - TSX Venture Exchange · Gold · Canada
Stock Symbol: WGF: TSX-VEN
SASKATOON, SK, Sept. 23 /CNW/ - George Sanders, President of Wescan Goldfields Inc. ("Wescan") is pleased to report the completion of the first closing of its non brokered private placement of an aggregate of 2,356,486 Units of Wescan at a price of $0.35 per Unit for gross proceeds of $824,770.10 and of an aggregate of 2,626,123 flow through shares at a price of $0.43 per share for gross proceeds of $1,129,232.89. Each Unit consists of one share and one half of one common share purchase warrant, with each whole warrant exercisable into one common share for a period of 12 months from September 22, 2005 upon payment by the holder of $0.45 per common share. All of the securities will be subject to a four-month hold period in accordance with applicable securities laws. Finders' fees of 6% totalling $40,624.20 and a 6% warrant fee totalling 116,069 warrants are payable on a portion of the Unit private placement. On the flow through private placement, a finders' fee of 6% totalling $58,238.92 and a 6% warrant fee totalling 135,439 warrants is payable on a portion of the placement. Wescan anticipates further closings under the private placements sometime next week.
Wescan is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade to 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.