Wescan Energy nears completion of $1-million financing
2022-03-21 18:36 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES FINANCING
Further to the previously issued press release dated Feb. 15, 2022, Wescan Energy Corp. is close to concluding the previously announced 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 and the entering into of a loan transaction, with the terms of such loan being subject to the negotiation and settlement on the material commercial terms of same. It is expected that the mixture of equity and debt being issued will be roughly the same and that the offering will close on or about the end of the month.
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 loan that is entered into, 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 of both existing well repairs and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
