/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
Stock Symbol: WGF: TSX-V
SASKATOON, May 4, 2018 /CNW/ - Wescan Goldfields Inc.
("Wescan" or the "Company") is pleased to announce the successful
closing of Wescan's private placement (the "Offering") of 625,000
Flow-Through Common Shares of the Company at a price of
$0.08 per Flow-Through Common Share,
for gross proceeds of $50,000
(collectively, the "Offering"). Participating insiders purchased
50% ($25,000) of the Offering.
Pursuant to Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101"), the purchase by the Purchasing Insiders was a "related
party transaction" but the Company was exempt from the requirements
to obtain a formal valuation or minority shareholder approval in
connection with the Offering. Proceeds of the Offering will be used
to incur Canadian exploration expenses ("Qualifying Expenditures")
on the Company's Munro Lake gold property prior to December 31, 2019. Wescan will renounce the
Qualifying Expenditures to subscribers of Flow-Through Common
Shares for the fiscal year ended December
31, 2018. All securities issued in connection with the
Offering will be subject to a four month hold period from the date
of issuance in accordance with applicable securities laws. The
Offering is subject to TSX Venture Exchange ("TSX-V") acceptance of
requisite regulatory filings.
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".
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements in respect of the proposed Offering.
Forward-looking statements in this press release include, but are
not limited to statements with respect to proceeds of the Offering.
These forward-looking statements are based on Wescan's current
beliefs as well as assumptions made by and information currently
available to Wescan. Although management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking
statements will not be achieved. We caution readers not to place
undue reliance on these statements as a number of important factors
could cause the actual results to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates
and intentions expressed in such forward-looking statements. These
factors include, but are not limited to, developments in world gold
markets, changes in exploration plans due to exploration results
and changing budget priorities of Wescan, the effects of
competition in the markets in which Wescan operates, the impact of
changes in the laws and regulations regulating mining exploration
and development, judicial or regulatory judgments and legal
proceedings, operational and infrastructure risks and the
additional risks identified in the management discussion and
analysis section of our interim and most recent annual
financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities
regulation.
"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.
