WESTCAN URANIUM CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Friday, December 30th, 2011

WestCan Uranium Corp. is pleased to announce that the Company has now closed the first tranche of the private placement announced on November 16, 2011. A total of 200,000 units were issued at a price of $0.05 per unit. Each unit consists of one 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 two years from the date of issue. The exercise price of the warrants will be $0.10 for the first 12 month term of the warrants and $0.15 for the remaining term of the warrants.

Finder’s fees totaling $1,000 have been paid with respect to the first tranche of the private placement, in addition to the issuance of 20,000 Agent’s warrants. The Agent’s warrants are exercisable for a period of two year from the date of issue at an exercise price of $0.10 per share during the first year and at a price of $0.15 per share during the second year. One pro group member has acquired an aggregate of 200,000 units of the first tranche of the private placement.

The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period expiring on April 23, 2012. The net proceed of the funds received will be used for general working capital. The Company is expecting to close the balance of the financing by January 20th, 2012.