/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
May 24, 2013 /CNW/ - WesCan Energy
Corp. (TSXV:WCE) ("WesCan" or the "Company")
announces a proposed non-brokered private placement of up to
15,000,000 units ("Units") at a price of $0.0525 per Unit for aggregate gross proceeds of
up to $787,500 (the
"Offering"). Each Unit will be comprised of one common
share ("Common Share") and one-half of a share purchase
warrant of the Company (a "Warrant"). Each whole Warrant
will entitle the holder to purchase one Common Share for a period
of 24 months from the closing date at an exercise price of
$0.10 per share.
The securities issued under the Offering will be
subject to a four-month and one day hold period from the date of
closing. Closing of the Offering is subject to acceptance from the
TSX Venture Exchange. Proceeds from the Offering will be used for
the continuation of identifying and evaluating potential
acquisitions, debt reduction and general working capital
purposes.
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.
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. Forward-looking information in this press
release includes, but is not limited to, statements regarding
expectations of management regarding the issuance of units pursuant
to the private placement, the identity of the subscribers under the
private placement, the proposed use of proceeds, the expiry of hold
periods and regulatory approval. 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. 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 the shares
may not resume trading as planned and that the escrowed shares may
not be released as planned.
SOURCE WesCan Energy Corp.
