The Dec. 19 issue of the Prospect News PIPE Daily incorrectly reported the currency for Wescorp Energy Inc.'s private placement of units. A corrected version of the story follows:
New Issue: Wescorp Energy closes $3.97 million private placement of units
By Laura Lutz
Washington, Dec. 18 - Wescorp Energy Inc. completed a private placement of units for $3,972,075.
The company sold 7,944,150 units of one share and one non-transferable warrant at $0.50 per unit. Each warrant is exercisable at $0.75 for two years.
After six months from the settlement date, Wescorp may convert the warrant if the weighted average trading price of the company's common shares is at least $1.50 for ten consecutive trading days.
Proceeds will be used to increase sales of the company's Flowstar technology, to develop other technologies and for working capital.
Based in Edmonton, Alta., Wescorp develops technologies for the energy industry.
| Issuer: | Wescorp Energy Inc.
|
| Issue: | Units of one share and one non-transferable warrant
|
| Amount: | $3,972,075
|
| Units: | 7,944,150
|
| Price: | $0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.75
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: WSCE
|
| Stock price: | $0.48 at close Dec. 18
|
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