Wescan Energy arranges $1-million financing
2022-02-15 15:10 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES FINANCING FOR DEVELOPMENT DRILLING PROGRAM
Wescan Energy Corp. has arranged a financing of up to $1-million, consisting of a combination of common shares in the capital of the corporation at a subscription price of 10 cents per common share in conjunction with the issuance of debt, with the terms of such debt being subject to negotiation and settlement on the material commercial terms of same. The company expects to raise an equal proportion of the debt and equity (50 per cent debt and 50 per cent equity), however, the company may alter such proportion at its discretion subject to the demand of the offering and current market conditions.
The common shares issued under the offering will be subject to a four-month-plus-one-day hold period from the date of closing. Closing of the offering and the terms of the offering, including the commercial terms of any debt that is issued, are subject to the acceptance and approval of the TSX Venture Exchange. Proceeds from the offering will be used primarily for the drilling of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company will also be reviewing production optimization schemes including pipeline enhancements and overall field operational efficiencies at the company's wholly owned facilities in anticipation of an increase in production from the results both existing well repairs and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
