Westcore Energy Ltd.

December 17, 2009 18:59 ET

Westcore Announces Closing of $1.2 Million Flow-Through Offering, Issuance of Shares to Goldsource and Update Re Winter Drilling Program

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2009) - Westcore Energy Ltd. ("Westcore" or the "Corporation") (TSX VENTURE:WTR) is pleased to announce that it has completed its recently announced offering with the issuance of 2,000,000 flow-through shares at a price of $0.60 for aggregate gross proceeds of $1,200,000. The sole subscriber under this offering was 49 North 2009 Resource Flow-Through Limited Partnership, an affiliate of 49 North Resources Inc., which is an Insider of the Corporation. Proceeds from this offering will be used in connection with the Corporation's recently announced winter drilling program. In accordance with applicable securities laws, the foregoing common shares are subject to a four-month hold period that will expire on April 18, 2010.

Westcore has also issued an aggregate of 100,000 common shares to Goldsource Mines Inc. ("Goldsource") in accordance with its agreement with Goldsource pursuant to which Goldsource has agreed to apply its proprietary geophysical matrix to Westcore's Fugro airborne geophysical data and to provide Westcore with specific drill sites on its Saskatchewan and Manitoba coal lands. In accordance with applicable securities laws, the foregoing common shares are subject to a four-month hold period that will expire on April 18, 2010. 

As noted in Westcore's press release dated December 11, 2009 announcing the commencement of the Corporation's winter drilling program, Goldsource has provided the Corporation with the first two drill targets contemplated under its agreement with Westcore. Although Westcore initially anticipated accessing and drilling on those targets prior to the end of the year, it has since determined that access to these targets will be most effective via winter roads, which are expected to be constructed in the upcoming weeks. Once those roads are completed, those initial targets will be accessed and tested. In the interim, Westcore continues to mobilize for the balance of its winter drilling program and is currently examining easy access drilling targets that it expects to be able to drill on in the immediate short term. 

Ellen MacNeill, Professional Geoscientist in the Province of Saskatchewan and Qualified Person for this news release, has reviewed and approved its contents.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither 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 the release.

Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 697-4005
    (403) 263-0271 (FAX)