06:07:47 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



WPC Resources Inc (2)
Symbol WPQ
Shares Issued 56,357,304
Close 2015-04-01 C$ 0.05
Market Cap C$ 2,817,865
Recent Sedar Documents

WPC Resources raises $627,150 over 2 placement tranches

2015-04-01 20:37 ET - News Release

Mr. Stephen Wilkinson reports

WPC RESOURCES CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT

WPC Resources Inc. has closed the second and final tranche of its non-brokered private placement (see news release dated Feb. 26, 2015), by issuing 9,143,000 units at a price of five cents per unit for gross proceeds of $457,150. Each unit consists of one common share in the capital of the company and one non-transferable common share purchase warrant. Two warrants entitle the holder to purchase one common share of the company for a period of 24 months from the closing of the offering at an exercise price of 10 cents. The net proceeds of the offering will be used by the company to finance due diligence for the acquisition of the past producing Lupin gold mine and the Ulu gold project from Mandalay Resources Corp. (see news release dated Jan. 19, 2015), as well as general working capital.

All securities issued pursuant to the second tranche, including the common shares underlying the warrants, are subject to a statutory hold period, which will expire on Aug. 1, 2015.

In both tranches, subscriptions totalled 12,543,000 units for gross proceeds of $627,150. Finders' fees of $16,786 are payable in cash and 335,720 brokers' warrants are issuable in connection with the offering. Each broker's warrant entitles the holder to purchase one common share at a price of 10 cents for a period of 12 month, expiring on April 1, 2016.

Insiders have participated in the offering by purchasing 2.7 million units for gross proceeds of $135,000.

We seek Safe Harbor.

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