Wescan Goldfields Inc. announced a non-brokered private placement of up to 3,333,333 flow-through common shares in the capital of the company at a price of CAD 0.06 per flow-through share and up to 2,000,000 units of the company at a price of CAD 0.05 per unit for the aggregate gross proceeds of CAD 300,000 on September 1, 2023. Each unit will consist of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $0.06 for a period of 12 months from the date of issuance thereof.

Insiders may participate at greater than 25% of the offering. The company may also issue common shares from treasury and warrants, in an amount equal to 6% of the aggregate number of flow-through shares and units issued pursuant to the offering that are attributable to finders. Each finder's warrant will entitle the holder thereof to purchase one common share at a price of $0.06 for a period of 12 months from the date of issuance thereof.

The transaction is expected to close on or about September 20, 2023, provided that the offering may close in one or more tranches, but in any event no later than September 27, 2023. All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation and exchange regulations. The transaction is subject to the approval of the TSX Venture Exchange.