/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
Stock Symbol: WGF: TSX-V
SASKATOON, May 4, 2018 /CNW/ - Wescan Goldfields Inc. ("Wescan"
or the "Company") is pleased to announce the successful closing of Wescan's private placement (the "Offering") of 625,000
Flow-Through Common Shares of the Company at a price of $0.08 per Flow-Through Common Share, for
gross proceeds of $50,000 (collectively, the "Offering"). Participating insiders purchased 50%
($25,000) of the Offering. Pursuant to Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101"), the purchase by the Purchasing Insiders was a "related party
transaction" but the Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in
connection with the Offering. Proceeds of the Offering will be used to incur Canadian exploration expenses ("Qualifying
Expenditures") on the Company's Munro Lake gold property prior to December 31, 2019. Wescan will
renounce the Qualifying Expenditures to subscribers of Flow-Through Common Shares for the fiscal year ended December 31, 2018. All securities issued in connection with the Offering will be subject to a four month hold
period from the date of issuance in accordance with applicable securities laws. The Offering is subject to TSX Venture
Exchange ("TSX-V") acceptance of requisite regulatory filings.
Wescan is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares
of Wescan trade on the TSX-V under the trading symbol "WGF".
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements in respect of the proposed Offering.
Forward-looking statements in this press release include, but are not limited to statements with respect to proceeds of the
Offering. These forward-looking statements are based on Wescan's current beliefs as well as assumptions made by and information
currently available to Wescan. Although management considers these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking
statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important
factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations,
estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to,
developments in world gold markets, changes in exploration plans due to exploration results and changing budget priorities of
Wescan, the effects of competition in the markets in which Wescan operates, the impact of changes in the laws and regulations
regulating mining exploration and development, judicial or regulatory judgments and legal proceedings, operational and
infrastructure risks and the additional risks identified in the management discussion and analysis section of our interim
and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulation.
"Neither 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 release."
SOURCE Wescan Goldfields Inc.
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