WPC Resources Inc. - Corporate Update

 TSX-V: WPQ

VANCOUVER, Nov. 29, 2011 /CNW/ - WPC Resources Inc. (the "Company") announces that it is continuing with its previously announced non-brokered private placement (the "Private Placement") of up to 10,000,000 units (the "Units") of securities (see News Releases dated May 30, 2011 and August 3, 2011). The Units are being placed at a price of $0.12 per unit, for gross proceeds of up to $1,200,000.

Each Unit under the Private Placement consists of one common share and one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.20 within twenty-four months of closing.  The Private Placement is subject to regulatory approval.

The Company may pay finder's fees on a portion of the Private Placement of 8% of gross proceeds, as well as non-transferable options to acquire common shares of the Company in an amount equal to 10% of the total number of Units placed by finders. The options will be exercisable for a period of 12 months following the closing of the Private Placement at an exercise price of $0.15 per share.

The proceeds of the Private Placement will be used to fund the work program on the Company's "Toiyabe Pediment" and "ZPG" properties. The properties are located in central Nevada within the Battle Mountain-Eureka Trend near the Cortez District.

"Toiyabe Pediment" and "ZPG" Properties, Nevada

The Company has commenced its planned drilling program in the Battle Mountain-Eureka trend near the Cortez district, in Nevada.

About WPC Resources Inc.

WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and Development Company.

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, without limitation, information regarding future production, is considered forward-looking information 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE WPC Resources Inc.

For further information:

W. K. C. Clarke, Chairman & CEO
Telephone: (604) 685 1144

Profil de l'entreprise

WPC Resources Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.