June 10, 2024 – TheNewswire - Calgary, Alberta - WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company”) announces that it has entered into a loan arrangement with a numbered British Columbia company (the “Lender”) whereby the Lender will provide a loan to the Company (the “Loan”). Under the terms of the Loan, the Lender will provide a loan financing amount of $2,300,000 for a four-year term at an annual interest rate of 12%, with interest payments completed monthly and with amortization of same over a period of four years from the date of the loan. The purpose of the Loan is to cover working capital requirements, including payroll and related business expenses, as well as paying down outstanding indebtedness owing to unsecured creditors until the Company can become financially self-sustaining. The Loan is secured by way of a general security agreement covering all of the personal property of the Company. Final details of the Loan are subject to acceptance of the TSX Venture Exchange (“TSXV”).

 

This loan is considered to be a “related party transaction” pursuant to Multilateral Instrument 61-101 as the sole director, officer and controlling shareholder of the Lender is a director, officer and a control person of the Company, but the Company is availing itself of the exemptions from obtaining a formal valuation and obtaining “majority of the minority” approval due to the exemptions available in Sections 5.5(b) and 5.7(1)(f) of said instrument.

 

All updates and press releases will be available on the Company’s website at www.wescanenergycorp.com. Further information regarding the Company and its future plans will be disseminated in future press releases.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Leo Berezan, Interim President & CEO                                                                    Ed Leung, Interim CFO                        

WESCAN ENERGY CORP.                                                                            WESCAN ENERGY CORP.                                

 Tel: (604) 240-3064                                                                            Tel: (604) 861-6900

 

TSX Venture: WCE                                                                                           www.wescanenergycorp.com

 

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. 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. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. 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 a suitable successor is not identified or engaged in a timely fashion. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as otherwise required by law.

   

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES