VANCOUVER, Feb. 1 /CNW/ - Western Pacific Resources Corp. WRP - TSXV (the "Company") is pleased to announce that its shares began trading on the Venture Exchange this morning, following the successful completion of its initial public offering of 6,000,000 units of the Company at a price of $0.35 per unit for gross proceeds of $2,100,000.
The Company has 15,302,501 Shares issued and outstanding, of which 2,020,001 are subject to escrow restrictions.
Warwick Smith, the Company's CEO said: "I want to thank our shareholders for investing in the Company and supporting us through the process of listing on the Venture exchange. The board of directors, the management team and our advisors have all helped to achieve this critical milestone in Western Pacific's development. We have a tremendous technical team based in Nevada led by our President, Eric Saderholm, and our VP Exploration Curt Everson and with $2 million in the bank, we now have the funding in place to begin exploring our strong project portfolio in the Western United States and to begin promoting the Western Pacific story throughout the North American investment community."
The Company intends to use the proceeds of the Offering primarily for the exploration and advancement of its South Lida Property located in the Lida Mining District in south-central Esmeralda County, Nevada. A planned 15 hole drill program should commence during the second quarter of 2010.
Full disclosure on the Offering, the use of proceeds and the South Lida Property can be found in the Prospectus, which has been filed on www.sedar.com.
About Western Pacific
Western Pacific is a gold explorer focused on acquiring advanced-stage projects in the Western United States. A member of the Gold Group, including Fortuna Silver Mines Inc., Radius Gold Inc., and Focus Ventures Ltd., Western Pacific has the right combination of exploration and financial professionals to succeed in making a world class gold discovery. For more information, please visit our website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, risks associated with the estimation of mineral resources and the geology, grade and continuity of mineral deposits, project cost overruns or unanticipated costs and expenses -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the 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 news release.
SOURCE Western Pacific Resources Corp.
For further information: For further information: Tel: (604) 801-5432, Fax: (604) 662-8829, Email: firstname.lastname@example.org, Website: www.westernpacificresources.com