Westcore Energy Ltd.

December 21, 2010 15:46 ET

Westcore Announces Completion of Flow-Through Financing

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2010) - Westcore Energy Ltd. ("Westcore" or the "Corporation") (TSX VENTURE:WTR) is pleased to announce that it has completed its recently announced offering of 2,675,000 flow-through shares at a price of $0.40 for aggregate gross proceeds of $1,070,000. The principal subscriber under this offering is 49 North 2010 Resource Flow-Through Limited Partnership, an affiliate of 49 North Resources Inc., which has subscribed for $1,000,000 of the flow-through shares. 49 North Resources Inc. is considered an Insider of Westcore. An additional insider subscribed for a further $20,000 of flow-through shares. Proceeds from this offering will be used in connection with Westcore's recently announced winter drilling program and Coal to Liquids sampling process. In accordance with applicable securities laws, the foregoing common shares are subject to a four-month hold period that will expire on April 22, 2010.

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) 237-6122
    (403) 237-6144 (FAX)