WPC Resources Inc. (TSX-V:WPQ) is pleased to announce it has closed a non-brokered private placement by issuing 30,000,000 units at a price of $0.05 per unit for gross proceeds of $1,500,000. Each unit consists of one common share in the capital of the Company and one half non-transferable Common Share purchase warrant. Each full Warrant entitle the holder to purchase one Common Share of the Company for a period of twenty-four months from the closing of the Offering at an exercise price of $0.10.
All securities issued pursuant to the Offering, including the Common Shares underlying the Warrants, are subject to a statutory hold period which will expire on August 19, 2016.
Finder’s fees of $53,560 are payable in cash and 1,071,200 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 24 months, expiring on April 18, 2018.
Insiders have participated in the Offering by purchasing 3,540,000 Units for gross proceeds of $177,000.
The proceeds from the placement will be used for the furtherance of the acquisition of the historic Lupin Gold Mine and the Ulu Gold Project; including engineering studies and resource reviews, planning and expediting of the 2016 exploration and development programmes and general working capital.
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 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.
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