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Vescan Equities announces private placement.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 1996--VESCAN EQUITIES INC. (CANADIAN DEALING NETWORK: VCAN) -- Vescan Equities Inc. (the "company") is pleased to announce the appointment of Michael Pinch, president, Stephen Salaga, corporate secretary, and Sterling Klein to the board of directors, replacing Gregory Harris and Barrie Weiner, who recently resigned.

Pinch replaces Bram Solloway as the company's president. The board of directors presently consists of the following four members: Michael Pinch, Stephen Salaga, Sterling Klein and Bram Solloway.

The board of directors further reports that it has negotiated a private placement of 600,000 units at $0.25 per unit, each unit consisting of one share and one warrant exercisable to purchase one additional share in year one at $0.25 per share and in year two at $0.30 per share. Proceeds of the private placement will be used for general working capital.

The company is presently exploring various potential mining acquisitions and expects to conclude a transaction in the near term. -0- ON BEHALF OF THE BOARD "MICHAEL PINCH", PRESIDENT

The information contained herein has neither been approved nor disapproved by regulatory authorities.

CONTACT: Vescan Equities Inc.

Michael Pinch, 604/683-7422, 604/685-3796 (Fax)
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Publication:Business Wire
Date:Mar 7, 1996
Words:196
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