VANCOUVER, July 12, 2013 /CNW/ - Western Pacific Resources Corp. (the "Company" - WRP: TSXV) is pleased to announce that it has closed the final tranche of its
previously announced non-brokered private placement. The two tranches
of the financing total 6,670,001 units issued at $0.15 each, for total
gross proceeds to the Company of $1,000,500.
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 final tranche consists of 133,333
units at $0.15 each, for proceeds of $20,000. The shares and warrants
issued in the final tranche have a resale restriction until November
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.
About Western Pacific
Western is focused on advancing a strong portfolio of advanced-stage
projects in the Western United States. Western's team is led by
technical and financial experts who aim to succeed in creating
shareholder value. For more information, please visit our website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this news release.
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. The
ability of the Company to successfully complete the Deer Trail Mine
acquisition on time or at all is subject to various risks and other
factors. Risks and factors that may 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 at 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
news 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.
SOURCE: Western Pacific Resources Corp.
For further information:
1450 - 701 W Georgia Street
Canada V7Y 1G5
Erin Ostrom 604-692-2891