September 11, 2024 – TheNewswire - Calgary, Alberta – Wescan Energy Corp. (TSXV:WCE) (“WesCan” or the “Company”) is pleased to announce that it has closed its previously disclosed non-brokered private placement of 3,150,000 common shares (“Common Shares”) at a price of $0.075 per Common Share for aggregate gross proceeds of $236,250 (the “Offering”).

 

The Common Shares issued under the Offering will be subject to a four-month and one day hold period from the date of closing, meaning that they cannot trade prior to January 11, 2025. Closing of the Offering is subject to final acceptance from the TSX Venture Exchange.

 

Wescan would like to express its sincere gratitude to its shareholders for their continued support and trust in our journey. The enthusiastic response to our recent private placement is a clear testament to the confidence our investors have in both our long-term vision and strategic direction. It also reflects the broader market’s recognition of Wescan’s growth potential and the compelling value proposition we present. As we continue to drive our initiatives forward, we are excited to provide further updates to the market in the coming months.

 

The proceeds from the Offering will be allocated towards working capital, with a focus on bringing three wells online. These wells are projected to have an estimated payout period of 45 to 60 days based on current strip prices.

 

All updates and press releases will be available on the Company’s website at www.wescanenergycorp.com. Further information regarding the Company and its future plans will be disseminated in future press releases.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Leo Berezan, Interim President & CEO                                                                    Ed Leung, Interim CFO                        

WESCAN ENERGY CORP.                                                                            WESCAN ENERGY CORP.                                

 Tel: (604) 240-3064                                                                            Tel: (604) 861-6900

 

TSX Venture: WCE                                                                                           www.wescanenergycorp.com

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

 

Disclaimer for Forward-Looking Information

 

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that a suitable successor is not identified or engaged in a timely fashion. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as otherwise required by law.

   

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES