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Calgary, Alberta--(Newsfile Corp. - March 31, 2022) -WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Company") is pleased to announce that it has now closed its previously announced non-brokered private placement of common shares in the capital of the Corporation ("Common Shares") at a subscription price of $0.10 per Common Share for gross proceeds of $500,000 (the "Offering"). The previously announced loan transaction continues to be negotiated with the counter-party in an effort to find mutually acceptable commercial terms on the settlement of same.
The Common Shares are subject to a four-month and a day hold period from the date of issuance, expiring on August 01, 2022. No commissions or finders fees were paid pursuant to the Offering.
Proceeds from the Offering will be used primarily for the Company's drilling program of a new development well located in the Company's core area at Provost, Alberta, and general working capital purposes. The Company is pleased to further announce that it has also commenced the preliminary groundwork including permission for surveying, land acquisition(s) and other field related services in preparation of the new well.
In addition, WesCan will also be reviewing production optimization schemes including pipeline enhancements and overall field operational efficiencies at the Company's wholly owned facilities in anticipation of an increase in overall production from the results of certain well repairs that have now begun and in the event of the successful drilling and completion of the new well.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg T. Busby, President & CEO
WESCAN ENERGY CORP
Tel: (403) 265-9464
John H. Cassels, CFO
WESCAN ENERGY CORP. .
Tel: (403) 265-9464
TSX Venture: WCE
www.wescanenergycorp.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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