To: koan who wrote (118401 ) 6/12/2008 1:08:44 PM From: koan Respond to of 314136 WCU .14-I do not understand it, but this is what the Sask coal ara play is about, more or less. Many the companies getting permits to explore have been trading in millions each day. Westcan Uranium Corp (C-WCU) - News Release Westcan Uranium receives first priority on coal permits 2008-06-10 06:31 ET - News Release Shares issued 52,233,454 WCU Close 2008-06-09 C$ 0.10 Mr. Chris England reports Westcan URANIUM CORP. RECEIVES LETTER OF COMFORT ON SASKATCHEWAN COAL PERMITS Westcan Uranium Corp. has received a letter of comfort from the Saskatchewan Ministry of Energy and Resources in regard to coal permit applications submitted on behalf of the company. Westcan submitted the applications for permits in the vicinity of the Goldsource Mines Inc. discovery, north of the town of Hudson Bay, in east-central Saskatchewan, on May 8, 2008, and May 12, 2008. Goldsource believes the coal it encountered is from the Mannville/Swan River group of Creataceous age (see Goldsource Mines news issued in Stockwatch on May 5, 2008). Coal structures of the Creataceous age are generally stratigraphic and can encompass several thousand square kilometres. The comfort letter includes a list of dispositions applied for, the dates of the submissions, land description, boundary plan, affirmation of fee payment and first-year rent, the allocated coal prospecting permit (CPP) numbers, and if the submission has priority over other applications. The comfort letter received by Westcan confirms that half of permits applied for are first in line, and will be given priority sequence. The final granting of the coal permits is dependent upon government regulatory approval and time required to process the applications, which is at the discretion of the government of Saskatchewan. Granting of coal permits is subject to a final review of each application, indicating the nature of the work and money to be expended. The comfort letter is not a guarantee that all or any of the permits will be issued to Westcan, only whether or not the company is first in line for the permits. Dr. K. Warren Geiger, PhD, PEng, PGeo, a qualified person for Westcan, as defined by National Instrument 43-101, is currently co-ordinating the research of the development in east-central Saskatchewan. Subject to final permitting, the company is preparing a preliminary exploration program for the summer field season. Private placement The company wishes to offer a private placement offering of securities for an amount of $800,000. Flow-through offering The company will offer up to four million units at 10 cents per unit. Each unit consists of one flow-through common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder to buy one additional common share of the company for a period of 12 months from the date of the closing of the private placement. The exercise price of the warrant will be 18 cents for the 12 month term of the warrants. Non-flow-through offering The company will offer up to five million units at eight cents per unit. Each unit consists of one non-flow-through common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder to buy one additional non-flow-through common share of the company for a period of 12 months from the date of the closing of the private placement. The exercise price of the warrant will be 15 cents for the 12-month term of the warrants. Description of offering The company shall rely on the "accredited investor exemption" (British Columbia, Alberta and Ontario), and the "friends and relatives exemption" (British Columbia), therefore will not be preparing an offering document. Use of proceeds The gross proceeds of the offering will be used in part for general working capital and the flow-through portion of the private placement will be used for qualified Canadian exploration expenditures. Finder's fee The company will pay a finder's fee in connection with the private placement, of 10 per cent in cash plus 8 per cent in agent's warrants where permitted by the TSX Venture Exchange. The exercise price of the agent's warrant will be 15 cents for the 12-month term of the warrants. We seek Safe Harbor.