Ocean Park announces $8,750,000 Private Placement
OCEAN PARK VENTURES CORP.
302 – 750 West Pender Street Vancouver, BC V6C 2T7 www.oceanparkventures.ca
TSX-V SYMBOL: OCP NEWS RELEASE Ocean Park announces $8,750,000 Private Placement
April 13, 2011, Vancouver, B.C. - Ocean Park Ventures Corp. ("Ocean Park" or the “Company” ) (TSX- V: OCP) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 10,000,000 units at $0.55 per unit. Each unit will consist of one common share and one-half share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for $0.85 per share for a two year period.
The Company will also undertake a non-brokered flow through private placement of up to 5,000,000 units at $0.65 per flow through unit. Each unit will consist of one flow through common share and one half share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for $0.85 per share for a two year period.
The warrant, from both placements, will be subject to an accelerated 30 day expiry provision in the event the Company’s common shares trade at $1.20 or greater for a period of 20 consecutive trading days after four months from closing.
The Company has agreed to allocate a portion of the offering to subscribers found by Axemen Resource Capital Ltd., an exempt market dealer, and may agree to similar allocations to other exempt market or investment dealers. The Company may pay finders’ fees equal to 5% of subscription amounts received, payable in cash or non-flow through shares, in addition to finders’ warrants equal to 5% of the number of shares subscribed for, each exercisable into one non-flow-through common share of the Company at a price of $0.60 per share for a period of 18 months from closing.
The financing remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four month hold period.
The funds raised from the financing will be used to fund exploration on the Trapper, Chisna and Adelita properties.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Paul Matysek"
Paul Matysek, Acting President and Chairman
Neither 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.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward -looking statements.
{008136000-00081957; 2 }