WestCan Uranium Proposes Additional Financing
July 7th, 2008
WestCan Uranium Corp (WCU.TSX.V) ("WestCan") (“the Company”) is pleased to announce the Company wishes to offer a Private Placement offering of securities for gross proceeds of up to $540,000.
The private placement consists of 6,000,000 units at $0.09 per unit. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant will entitle the holder to buy one common share of the Company for a period of 24 months from the date of the closing of the Private Placement. The exercise price of the warrants will be $0.13 for the first 12 month term of the warrants and $0.18 for the second 12 month term of the warrants.
The Company shall rely on the “Accredited Investor Exemption” (B.C., Alberta, Ontario) and the “Friends and Relatives Exemption” (B.C.), therefore will not be preparing an offering document.
The gross proceeds of the offering will be used for general working capital.
The Company will pay a finder’s fee in connection with the Private Placement, of 10% cash plus 10% Agent’s Warrants where permitted by the TSX Venture Exchange. The exercise price of the Agent’s Warrants will be $0.13 for the first 12 month term of the warrants and $0.18 for the second 12 month term of the warrants.
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.