WestCan Uranium Closes Private Placement
July 28th, 2008
Mr. Chris England, President of WestCan Uranium Corp., is pleased to announce that it has completed a non-brokered private placement announced June 10, 2008, for the issuance of 5,000,000 non flow through units (the “NFT Units”) at a price of $0.08 per Unit, and the issuance of 4,000,000 flow through units (the FT Units) at a price of $0.10 per Unit, (Collectively, the NFT Units and the FT Units are referred to as the “Units”) for total proceeds of $800,000 (the “Private Placement”).
Each NFT Unit consists of one common share and one non transferable share purchase warrant, (the “NFT Warrants”). Each warrant will entitle the holder to buy one additional common share at a price of $0.15 per share, for a period one year ending July 22nd, 2009.
Each FT Unit consists of one common share and one non transferable share purchase warrant, (the “FT Warrants”). Each FT warrant will entitle the holder to buy one additional common share at a price of $0.18 per share, for a period one year ending July 22nd, 2009.
The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period ending November 22nd, 2008. The net proceed of the offering will be used in part for general working capital and the “flow through” portion of the private placement will be used for qualified Canadian Exploration Expenditures.
Finder’s Fees of $51,832 have been paid in conjunction with the Private Placement as well as a total of 585,500 Agents Warrants. The warrants are exercisable at $0.15 for a period of one year ending July 18th, 2009.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from the expected results.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.