NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES
Stock Symbol: WGF: TSX-V
SASKATOON, SK, March 8, 2022 /CNW/ - Wescan Goldfields Inc.
("Wescan" or the "Company") (TSXV: WGF) is pleased to announce the
successful closing of Wescan's previously announced private
placement (the "Offering") of 5,000,000 Units of the Company at a
price of $0.07 per Unit, for total
gross proceeds of $350,000
(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 Initial Tranche.
All securities issued pursuant to the Offering are subject to a
four month hold period in accordance with applicable securities
laws and exchange regulations. Total proceeds from the Offering
(which includes the Initial Tranche announced February 25, 2022) will be used by Wescan for
general working capital purposes as well as on the Company's gold
properties. Participating insiders purchased 43% ($149,750) 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, as the fair market value of the participation in the
Offering by insiders does not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI
61-101. Closing of the private placement is subject to the receipt
of applicable regulatory approvals including approval of the TSX
Venture Exchange ("TSX-V").
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.
www.wescangoldfields.com
"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.
