WESCAN GOLDFIELDS INC. ANNOUNCES UPSIZING OF PRIVATE PLACEMENT

Executive Summary

• Wescan Goldfields Inc. is increasing its private placement offering from up to 10 M units to up to 12 M units, raising the potential gross proceeds from $500 K to $600 K.
• Each unit consists of one common share and one warrant (exercise price $0.10, 24‑month term).
• Proceeds are earmarked for updating the Jojay mineral resource estimate, technical work on the historic Jasper mine and Munro Lake project, supporting 2026 exploration permitting/planning, and general working capital.

Key Details

• Upsized Offering Size: Up to 12,000,000 units (previously up to 10,000,000).
• Potential Gross Proceeds: Up to $600,000 from the unit component (previously up to $500,000).
• Unit Composition: 1 common share + 1 common‑share purchase warrant per unit.
• Warrant Terms: Exercise price $0.10 per share; exercisable for 24 months from issuance.
• Closing Timeline: Expected closing on or about December 19, 2025; may occur in one or more tranches but no later than December 30, 2025, subject to Exchange approval.
• Statutory Hold Period: All securities issued are subject to a four‑month‑plus‑one‑day hold period under applicable legislation and TSX Venture Exchange rules.
• Use of Proceeds (if fully subscribed):
• Update Mineral Resource Estimate on the Jojay property.
• Review technical information for historic Jasper mine and Munro Lake project to support permitting and planning for 2026 exploration programs.
• General working capital.
• If Not Fully Subscribed: Proceeds will be allocated to the above uses in priority, at the discretion of directors and management, based on what is deemed in the best interests of the company.
• Regulatory Statements: No material fact or change undisclosed; offering not registered in the United States and subject to applicable exemptions.

Notable Quotes

(No direct quotes were included in the release.)