WesCan Energy Enters Debt Settlement Agreements
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 4, 2012 /CNW/ - WesCan Energy Corp. (TSXV:WCE) ("WesCan" or the "Company") announces it has entered into debt settlement agreements to settle trade payables, management fees and loans, for the aggregate settlement amount of $329,618.00, through the issuance of an aggregate of 1,123,590 common shares in the capital of the Company ("Common Shares"), at a price of $0.20 per share, representing $224,718 of the settlement amount, and installment cash payments aggregating $104,900. The cash payments formed part of the settlement consideration for the unpaid balance of unsecured loans provided to WesCan by a former consultant of the Company.
The Common Shares will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the TSX Venture Exchange.
NEITHER THE 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 NEWS RELEASE.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration and production activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE: WesCan Energy Corp.For further information:
Greg T. Busby, President & CEO
WESCAN ENERGY CORP.
Tel: (403) 265-9464