Ocean Park closes $9.5 million 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 closes $9.5 million Private Placement
May 16, 2011 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the “Company” ) (TSX- V: OCP) is pleased to announce that it has closed its private placement of 5,000,000 flow-through units at a price of $0.65 per unit and 11,350,000 non flow-through units at a price of $0.55 per unit, for gross proceeds of $9,492,500. Each flow-through unit consists of one flow-through common share and onehalf of one share purchase warrant, each whole warrant entitling the holder to acquire an additional non flow-through common share for $0.85 per share for a period of 24 months. Each non flow-through unit consists of one non-flow through common share and one-half of one share purchase warrant, each whole warrant entitling the holder to acquire an additional non flow-through common share for $0.85 per share for a period of 24 months.
The warrants from both placements are 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 September 12, 2011.
In connection with the private placement, the Company has paid finder's fees of $220,554.98, and has issued 461,945 finder's units and 817,499 finder's warrants to finder's who introduced subscribers for this offering to the Company. The finder's units have the same terms as the non flow-through units. Each finder's warrant is 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. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period expiring on September 12, 2011.
The proceeds of the offering will be used to fund exploration on the Trapper, Chisna and Adelita properties.
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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