Wescan Energy closes $500,000 private placement
2022-03-31 18:18 ET - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Wescan Energy Corp. has closed its previously announced non-brokered private placement of common shares in the capital of the corporation at a subscription price of 10 cents per common share for gross proceeds of $500,000. The previously announced loan transaction continues to be negotiated with the counterparty in an effort to find mutually acceptable commercial terms on the settlement of same.
The common shares are subject to a four-month-and-a-day hold period from the date of issuance, expiring on Aug. 1, 2022. No commissions or finders' fees were paid pursuant to the offering.
Proceeds from the offering will be used primarily for the company's drilling program of a new development well located in the company's core area at Provost, Alta., and general working capital purposes. The company is pleased to further announce that it has also commenced the preliminary groundwork including permission for surveying, land acquisition(s) and other field related services in preparation of the new well.
In addition, Wescan 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 overall production from the results of certain well repairs that have now begun and in the event of the successful drilling and completion of the new well.
We seek Safe Harbor.
