Wescan Goldfields Inc. announced a private placement of up to 3,571,428 units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 249,999.96 and up to 2,777,778 flow-through shares at a price of CAD 0.09 per flow-through share for gross proceeds of up to CAD 250,000.02; for an aggregate gross proceed of CAD 499,999.98 on February 11, 2022. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.1 per share for a period of one year from the date of closing.

The transaction is subject to approval from regulatory and TSX Venture Exchange. The securities are being subject to four months hold period. Insiders may participate at greater than 25% of the transaction including sales to accredited investors and to close personal friends and business associates of directors and officers of the company.

The company may also issue common shares from treasury equal to 6% as finder shares and warrants, equal to 6% of the number of flow-through shares and units attributable to finders pursuant to the transaction. Each finder's warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.10, for a period of twelve months from closing of the transaction.