/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
Dec. 4, 2012 /CNW/ -
WesCan Energy Corp. (TSXV:WCE) ("WesCan" or the
"Company") announces it has entered into debt settlement
agreements to settle trade payables, management fees and loans, for
the aggregate settlement amount of $329,618.00, through the issuance of an aggregate
of 1,123,590 common shares in the capital of the Company
("Common Shares"), at a price of $0.20 per share, representing $224,718 of the settlement amount, and
installment cash payments aggregating $104,900. The cash payments formed part of the
settlement consideration for the unpaid balance of unsecured loans
provided to WesCan by a former consultant of the Company.
The Common Shares will be subject to a
four-month hold period from the date of issuance in accordance with
applicable securities laws. The transactions contemplated under the
debt settlement agreements are subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including that of the TSX Venture Exchange.
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.
Reader Advisory
This press release includes certain statements that may be
deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
future exploration drilling, exploration and production activities
and events or developments that the Company expects, are forward
looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward looking statements include market prices, regulatory
approvals, continued availability of capital and financing, and
general economic, market or business conditions.
This news release shall not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any state
in the United States in which such
offer, solicitation or sale would be unlawful. The securities
referred to herein have not been and will not be registered under
the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
SOURCE WesCan Energy Corp.