Mr. Ken MacNeill reports

WESCAN GOLDFIELDS INC. ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT AND UPSIZING

Wescan Goldfields Inc. has closed the first tranche of its private placement of flow-through common shares in the capital of the company and units of the company, which was previously announced on Sept. 1, 2023. In addition, due to investor demand, Wescan is increasing the number of units offered pursuant to the offering from up to two million to up to four million, with the aggregate gross proceeds from the unit component of the offering increasing from up to $100,000 to up to $200,000.

The first tranche consisted of the issuance of: (i) 600,000 flow-through shares at a price of six cents per flow-through share; and (ii) 2.6 million units at a price of five cents per unit, for aggregate gross proceeds of $166,000. No insiders participated in the first tranche of the offering.

As previously announced, each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at an exercise price of six cents for a period of 12 months from the date of issuance thereof.

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.

Closing of the second tranche of the offering is subject to receipt of the approval of the TSX Venture Exchange. The second tranche is expected to close on or about Oct. 16, 2023, but no later than Oct. 20, 2023.

The company intends to use the proceeds from the offering to incur Canadian exploration expenses on the company's gold properties and for general working capital purposes. Wescan will renounce the qualifying expenditures to subscribers of the flow-through shares.

About Wescan Goldfields Inc.

Wescan is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Wescan trade on the exchange under the trading symbol WGF.

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