Wescan Energy receives $2-million loan

Executive Summary

• Wescan Energy Corp. has entered into a $2-million loan arrangement with a related-party lender to fund drilling operations.
• The loan carries a 12% annual interest rate, a three-year term, and is secured by a general security agreement over the company's personal property.
• Proceeds are specifically designated for the drilling, completion, and associated capital expenditures of a multilateral horizontal oil well in the Provost area of Alberta.

Key Details

• Loan Amount: $2,000,000 CAD.
• Lender: A numbered British Columbia company.
• Interest Rate: 12% per annum.
• Term: Three years from the date of the loan.
• Repayment Structure: Monthly interest payments; amortization of principal over the three-year term.
• Security: General security agreement covering all personal property of Wescan Energy Corp.
• Use of Proceeds: Financing the drilling of a multilateral horizontal oil well in the Provost area of Alberta, targeting oil development in the Mannville group, as part of the company's 2025 capital program. Covers drilling, completion, and associated capital expenditures.
• Regulatory Status: Classified as a related party transaction under Multilateral Instrument 61-101. The company is utilizing exemptions from formal valuation and majority-of-minority approval requirements under sections 5.5(b) and 5.7(1)(f).
• Conditions: Final details are subject to acceptance by the TSX Venture Exchange.

Notable Quotes

• None provided in the text.