Mr. Stephen Wilkinson reports
WPC RESOURCES ANNOUNCES LUPIN MINES INC. ACQUISITION FINANCING
WPC Resources Inc. has arranged a non-brokered private placement of up to 80 million units at a price of seven cents per unit for gross proceeds of $5.6-million. Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each full warrant will be exercisable for one common share at 15 cents for 12 months following the close of the private placement.
Proceeds from this financing shall be used to complete the acquisition of Lupin Mines Inc. from Mandalay Resources Corp., the maintenance and advancement of LMI's assets, and for general corporate and working capital purposes. LMI owns the past-producing Lupin gold mine and the Ulu gold property in Nunavut, Canada. For further information on the terms of the LMI acquisition and the LMI assets, please see the company's news release dated Nov. 1, 2016.
The offering, including the future issuance of common shares and warrants, is subject to the final approval of the TSX Venture Exchange. All securities issued will be subject to a hold period of four months and a day pursuant to applicable securities laws.
About WPC Resources Inc.
WPC is a gold exploration company focused on mineral exploration and development. The company has signed a definitive agreement to acquire 100-per-cent interests in the past-producing Lupin gold mine and the advanced Ulu gold project from Mandalay Resources. In addition, the company has entered into an agreement to acquire Inukshuk Exploration Inc., the owner of a 100-per-cent interest in the 8,000-hectare Hood River property located contiguous to the Ulu gold project.
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