WesCan Energy Announces Private Placement

/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.