Mr. Stephen Wilkinson reports
WPC RESOURCES CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
WPC Resources Inc. has closed the second and final tranche of its non-brokered private placement (please see news releases dated Feb. 7 and Feb. 14, 2018) by issuing 18.4 million units at a price of five cents per unit for gross proceeds of $920,000. Each unit consists of one common share and one-half of a common share purchase warrant. Each full warrant will be exercisable to purchase one common share at a price of 10 cents for 12 months following the close of the private placement.
Finders' fees of $10,000 were paid in connection with the private placement.
All securities issued pursuant to the second tranche, including the common shares and any common shares issued upon the exercise of the warrants, are subject to a statutory hold period, which expires on Aug. 16, 2018.
In total, the company issued 32 million units for gross proceeds of $1.6-million. Finders' fees of $35,000 were paid in cash in connection with the private placement.
Existing insiders of the company purchased two million units for gross proceeds of $100,000, and one new insider of the company purchased 13 million units for gross proceeds of $650,000.
Proceeds from the offering shall be used to make cash payments totalling $400,000 to Mandalay Resources Corp. as required under the New Ulu property option agreement, advance the Ulu gold property, and for general corporate and working capital purposes. For further information on the terms of the New Ulu property option agreement and the Ulu gold property, please see the company news release dated Jan. 11, 2018.
All securities issued pursuant to the first tranche, including the common shares underlying the warrants, are subject to a statutory hold period, which will expire on June 14, 2018.
The offering, including the future issuance of common shares and warrants, is subject to the final approval of the TSX Venture Exchange.
About WPC Resources Inc.
WPC based in Vancouver, Canada, is a gold exploration company focused on mineral exploration and development. In 2014, the company entered into an agreement to acquire Inukshuk Exploration Inc., the owner of a 100-per-cent interest in the 8,015-hectare Hood River property, located contiguous to the Ulu gold property. WPC has entered into an option agreement to acquire the Ulu gold property. At the completion of the offering, the company will have 130,900,304 shares issued and is listed on the TSX Venture Exchange with the trading symbol WPQ.
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