Ocean Park adds Bonifacio to the Board and announces $381,680 Private Placement
OCEAN PARK VENTURES CORP.
303 – 750 West Pender Street Vancouver, BC V6C 2T7 www.oceanparkventures.ca
TSX-V SYMBOL: OCP NEWS RELEASE Ocean Park adds Bonifacio to the Board and announces $381,680 Private Placement
December 21, 2010 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the “Company” ) (TSX-V: OCP) is pleased to announce the appointment of Giulio Bonifacio to the Company's Board of Directors. Jeff Durno has resigned as a Director of the Company, but will continue as Corporate Secretary.
Mr. Bonifacio has over 26 years in senior executive positions in the mining industry. Mr. Bonifacio is the founder, President & CEO of Nevada Copper Corp. and has a successful track record of raising equity and project capital for development projects of merit. Mr. Bonifacio is a professional accountant with extensive experience and knowledge in areas of corporate finance, securities matters, project finance and mergers & acquisitions. Mr. Bonifacio has held senior executive roles with Getty Resources Limited, TOTAL S.A. and Vengold Inc.
The Company also announces that, subject to regulatory approval, it will conduct a non-brokered private placement of 449,035 flow-through common shares to a single institutional investor, at a price of $0.85 per share, for gross proceeds of $381,680. The subscription was arranged through Axemen Resource Capital Ltd., an exempt market dealer, who will be paid a finders' fees equal to 5% of subscription amount 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 finder's warrant will be exercisable into one non-flowthrough common share of the Company at a price of $0.90 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 Gold Project recently optioned by the Company, or other qualifying projects.
The Company has also granted an aggregate of 1,100,000 stock options to directors, officers and consultants of the Company, exercisable at $0.73 per share for a period of 5 years.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo., acting President and Chairman at 604-684-9007.
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.
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