WestCan Uranium Announces Private Placement
Thursday October 22nd, 2009
WestCan Uranium Corp (WCU.V) ("WestCan") (“the Company), announces the Company is offering a non brokered private placement for securities in the amount of $300,000. The issue will consist of the following:
NON FLOW THROUGH UNITS
Up to 4,000,000 non flow through units at $0.025 per unit. Each unit consists of one non flow through common share in the capital of the Company and one share purchase warrant. Each warrant will entitle the holder to buy one common share of the Company for a period of 36 months from the date of the closing of the Private Placement. The exercise price of the warrants will be $0.05 for the first 12 month term of the warrants and $0.10 for the remaining 24 month term of the warrants.
FLOW THROUGH UNITS
Up to 8,000,000 flow through units at $0.025 per unit. Each unit consists of one flow through common share in the capital of the Company and one non flow through common share purchase warrant. Each warrant will entitle the holder to buy one common share of the Company for a period of 36 months from the date of the closing of the Private Placement. The exercise price of the warrants will be $0.05 for the first 12 month term of the warrants and $0.10 for the remaining 24 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.), and therefore will not be preparing an offering document.
The gross proceeds 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.
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 $0.05 for the first 12 month term of the warrants and $0.10 for the remaining 24 months term of the warrants.
The Private Placement is subject to the approval of the TSX Venture Exchange.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.