|October 16, 2015|
Western Pacific Receives Notice of Default
|Vancouver, BC, Canada -- October 16, 2015 -- Western Pacific Resources Corp. ("Western Pacific" or the "Company") (TSX-V: WRP) reports that on Monday, October 5, 2015, Quintana WRP Holding Company LLC ("Quintana") notified the Company of its failure to meet and maintain certain financial obligations related to the Deer Trail Mine. Quintana considers this a Material Adverse Effect in relation to its lending arrangement with the Company and related promissory notes (Collectively the "Agreement"), and therefore issued the Company a 'Demand for Payment and Notice of Default' letter. Quintana has elected to declare the principal amount, all accrued interest, all fees and all costs immediately due and payable. The Company is currently evaluating various options which include but are not limited to raising additional funds, looking for a strategic partner, selling assets and working with Quintana to facilitate a friendly resolution. |
About Western Pacific Resources Corp.
Western Pacific is a publicly traded resource exploration company focused on advancing a portfolio of precious metal properties in the Western United States. The Company's shares trade on the TSX Venture Exchange under the symbol "WRP".
ON BEHALF OF THE BOARD
President & CEO
For more information visit the Company's website at www.westernpacificresources.com or contact Fiona Grant Leydier, Investor Relations, at (604) 692-2891 or via email at .
Neither the 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 this release.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of Canadian securities legislation. Forward-looking statements contained in this news release include, without limitation, statements in respect of the expected closing of the private placement. These statements relate to future events, business prospects or opportunities and product development. All such statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. The Company disclaims any duty to update any of the forward-looking statements after the date of this news release to conform such statements to actual results or to changes in the Company's expectations except as otherwise required by applicable law.
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