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Western Pacific Resources Corp Completes $980,500 Tranche Of Private Placement


Monday, 3 Jun 2013 06:00pm EDT 

Western Pacific Resources Corp announced that it has closed the first tranche of its previously announced non-brokered private placement by issuing 6,536,668 units at $0.15 per unit, for gross proceeds of $980,500. Each unit consists of one common share and one warrant, each warrant entitling the holder to purchase one additional common share for 18 months from closing at $0.20. The Company is also issuing 107,800 warrants and paying $16,170 cash as finders' fees in connection with this portion of the financing, subject to TSX-V acceptance. The finders' fee warrants have the same terms as the unit warrants. All of the shares and warrants have a resale restriction until October 4, 2013. The net proceeds of this financing will be used to advance the Company's projects (principally the Deer Trail Mine, Piute County, Utah following closing of the acquisition) and for general working capital purposes. Closing of the Deer Trail transaction is expected to occur on June 7, 2013. 

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