/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
Stock Symbol: WGF: TSX-V
SASKATOON, Sept. 6, 2016 /CNW/ - Wescan Goldfields Inc. ("Wescan" or the "Company") is pleased to announce the successful closing of Wescan's private placement (the "Offering") of 7,200,000 Common Shares of the Company ("Common Shares") at a price of $0.05 per Common Share, for gross proceeds of $360,000 (collectively, the "Offering"). Participating insiders purchased 53% ($190,000) 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. Proceeds of the Offering will be used for general corporate and working capital purposes as well as continued exploration of the Company's exploration projects. All securities issued in connection with the Offering will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws. The Offering is subject to TSX Venture Exchange ("TSX-V") acceptance of requisite regulatory filings.
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.
"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.
For further information: Ken MacNeill, CEO and Chairman: [email protected] or (306) 664-2202, www.wescangoldfields.com