|June 03, 2013|
Western Pacific completes $980,500 tranche of private placement
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, June 3, 2013 -- Western Pacific Resources Corp. (the "Company" -- WRP: TSXV) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement by issuing 6,536,668 units at $0.15 per unit, for gross proceeds of $980,500. Each unit consists of one common share and one warrant, each warrant entitling the holder to purchase one additional common share for 18 months from closing at $0.20. The Company is also issuing 107,800 warrants and paying $16,170 cash as finders' fees in connection with this portion of the financing, subject to TSX-V acceptance. The finders' fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until October 4, 2013.
The net proceeds of this financing will be used to advance the Company's projects (principally the Deer Trail Mine, Piute County, Utah following closing of the acquisition) and for general working capital purposes.
Closing of the Deer Trail transaction is expected to occur on June 7, 2013.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Western Pacific
Western is focused on advancing a strong portfolio of advanced-stage projects in the Western United States. Western's team is led by technical and financial experts who aim to succeed in creating shareholder value. For more information, please visit our website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
1450 -- 701 W Georgia Street
Canada V7Y 1G5
Rob Gamley (Contact Financial) 1-877-689-7411
Erin Ostrom 604-692-2891
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. The ability of the Company to successfully complete the private placement is subject to various risks as well as factors beyond the Company's control, including the state of capital markets. As well, the ability of the Company to complete the Deer Trail Mine acquisition on time or at all is subject to various risks and other factors. Risks and factors that may cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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