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WestCan Uranium Corp Closes Private Placement
Tuesday October 27th, 2009
Mr. Chris England, President and CEO of WestCan Uranium Corp., is pleased to announce that the Company has completed a non-brokered private placement announced October 22nd, 2009, for the issuance of 5,900,000 flow-through units (the “Units”) at a price of $0.025 per Unit, for gross proceeds of $147,500 (the “Private Placement”).
Each Unit consists of one common share and one non transferable share purchase warrant, (the “Warrants”). Each warrant will entitle the holder to purchase one additional common share at a price of $0.05 per share for a period of one year ending October 27th, 2010 and at a price of $0.10 for a further period of two years ending October 27, 2012.
Finder’s Fees of $14,750 will be paid in conjunction with the Private Placement as well as the issuance of a total of 590,000 Agents Warrants. The Agent’s warrants are exercisable at a price of $0.05 per share for a period of one year ending October 27, 2010 and at a price of $0.10 for a further period of two years ending October 27, 2012. Two pro group members have acquired an aggregate of 1,200,000 units of this private placement.
The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period ending February 28, 2010. The net proceed of the offering will be used for qualified Canadian Exploration Expenditures.
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.
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