Issued and Outstanding: 56,357,304 Common Shares
April 1, 2015
WPC RESOURCES CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
Vancouver, British Columbia – WPC Resources Inc. (the “Company” or “WPC”) is pleased to announce it has closed the second and final tranche of its non-brokered private placement (the “Offering”), see news release dated February 26, 2015, by issuing 9,143,000 units at a price of $0.05 per unit for gross proceeds of $457,150. Each unit consists of one (1) common share (“Common Share”) in the capital of the Company and one (1) non-transferable Common Share purchase warrant (a “Warrant”). Two (2) Warrants entitle the holder to purchase one (1) Common Share of the Company for a period of twenty four (24) months from the closing of the Offering at an exercise price of $0.10. The net proceeds of the Offering will be used by the Company to fund due diligence for the acquisition of the past producing Lupin Gold Mine and the Ulu Gold Project from Mandalay Resources Corporation (see news release dated January 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 August 1, 2015.
In both tranches, subscriptions totaled 12,543,000 Units for gross proceeds of $627,150. Finder’s fees of $16,786 are payable in cash and 335,720 Broker’s Warrants are issuable in connection with the Offering. Each Broker’s Warrant entitles the holder to purchase one common share at a price of $0.10 for a period of 12 month, expiring on April 1, 2016.
Insiders have participated in the Offering by purchasing 2,700,000 Units for gross proceeds of $135,000.
This news release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About WPC Resources Inc.
WPC is a Vancouver, British Columbia-based gold exploration company focused on mineral exploration and development. The Company has recently entered into a letter of intent to acquire a 100% interests in the historic past producing Lupin Gold Mine plus the advanced Ulu Gold Project and adjacent prospects from Mandalay Resources Corporation. In addition the Company has entered into agreements to acquire Inukshuk Exploration Inc., the owner of a 100% interest in the 8,000 ha Hood River property located contiguous to the Ulu Gold Project. The Company is listed on the TSX-V with the trading symbol: WPQ.
For additional information, please contact:
Stephen Wilkinson, President
Telephone: (604) 685-1144
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking information” within the meaning of Canadian securities laws. Actual results may
differ materially from those indicated by such forward-looking information. All information included herein, other than statements of
historical fact, including the expected completion of the Offering and the timing thereof, and the expected use of proceeds are
forward-looking statements and involves various risks and uncertainties. There can be no assurance that the forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
information. 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.