News Releases

 January 28, 2016
Western Pacific Enters Stipulation Agreement

 Vancouver, BC, Canada -- January 28, 2016 -- Western Pacific Resources Corp. ("Western Pacific" or the "Company") (TSX-V: WRP) reports that further to its announcement on October 5, 2015, Quintana WRP Holding Company LLC ("Quintana") Quintana has issued the Company a 'Demand for Payment and Notice of Default' letter. To this end, Western Pacific and Quintana have entered into a Stipulation Agreement related to the Deer Trail Mine ("Property") to be filed in the Sixth Judicial District Court in Piute County, Utah.

As stated in the news release dated October 5, 2015, available on the Company's website, Quintana notified Western Pacific of its failure to meet and maintain certain financial obligations related to the Deer Trail Mine and therefore considers this a Material Adverse Effect in relation to its lending arrangement with the Company.

Terms of the Stipulation Agreement
  • The Company authorizes Quintana and Quintana's agents to enter onto the Property at any time of day or night for the purposes of inspecting, maintaining and protecting the Property.
  • The Company will not object to or disrupt the foreclosure of the Property by Quintana and will not cooperate with or support any third party seeking to object to or disrupt such foreclosure.
  • The Company will not transfer or remove any of the Personal Property and will not cause damage to the Property.
  • The Company will continue to use its own resources to diligently market the real and personal Property for sale in a timely and orderly manner.
  • Quintana will immediately begin noticing the foreclosure sale of the Property.
  • If there is a foreclosure sale of the Property and (i) Quintana is the successful bidder at the sale after bidding no more than the amounts owed on the Secured Loans and (ii) Quintana obtains the Property free and clear of liens, then Quintana will accept the Property in full satisfaction of the amounts owed.
  • No later than ten business days after entry of an Order approving this Stipulation, the Company will provide Quintana with access to all documents relating to the Property.
  • After a foreclosure sale, the Company will transfer and/or assign any permits or licenses to the purchaser of the Property.
  • Quintana may incur expenses to preserve and protect the Property.
  • Any and all Expenses paid by Quintana up to the foreclosure date shall be deemed additional advances to the Company.

The Company has attempted to raise capital and market its assets, however, has been unsuccessful in finding alternative sources of funding to pay the expenses of the Deer Trail Property. In light of current metals prices, the difficult market for raising funds and the inability to continue to pay the ongoing expenses of Deer Trail, Western Pacific's Board of Directors, in conjunction with its legal advisors, has concluded that entering into the Stipulation Agreement is the only viable option available and is in the best interests of the Company.


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

"Michael Callahan"

Michael Callahan
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.
 
 

You can view the Next News Releases item: Thu Jun 16, 2016, Western Pacific Provides Corporate Update

You can view the Previous News Releases item: Fri Oct 16, 2015, Western Pacific Receives Notice of Default

You can return to the main News Releases page, or press the Back button on your browser.

News

Show printable version of 'Western Pacific Enters Stipulation Agreement' in a New Window