Wescan Goldfields closes $600,000 financing

Executive Summary

• Wescan Goldfields Inc. has closed its fully subscribed, non-brokered private placement of units, raising aggregate gross proceeds of $600,000.
• The company issued 12 million units at a price of $0.05 per unit, with each unit comprising one common share and one common share purchase warrant.
• Proceeds are designated for updating the mineral resource estimate on the Jojay project, reviewing technical data on the Jasper mine and Munro Lake project for 2026 exploration planning, and general working capital.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Price: $0.05 per unit.
• Quantity: 12,000,000 units issued.
• Gross Proceeds: $600,000.
• Warrant Terms (Investors): Each unit includes one common share purchase warrant. Each warrant allows the holder to acquire one additional common share at an exercise price of $0.10 per share. The warrants are exercisable for a period of 24 months from the date of issuance.
• Finder's Fees: The company paid $31,800 in cash to finders and issued 636,000 common share purchase warrants to finders.
• Finder's Warrant Terms: Each finder's warrant entitles the holder to acquire one common share at an exercise price of $0.10 per share for a period of 24 months from the date of issuance.
• Hold Period: All securities issued are subject to a statutory hold period of four months and one day.
• Use of Proceeds:
  • Update the mineral resource estimate on the Jojay project.
  • Review technical information on the historic Jasper mine and the Munro Lake project to support permitting and planning for 2026 exploration programs.
  • General working capital purposes.
• Regulatory Status: Completion remains subject to final acceptance by the exchange (TSX Venture Exchange).

Notable Quotes

• None provided in the text.