VANCOUVER, Aug. 27 /CNW/ - Western Pacific Resources Corp. (WRP - TSXV) is pleased to announce that it has closed its previously announced non-brokered private placement by issuing 6,481,072 units at $0.35 per unit, for gross proceeds of $2,268,375. Each unit consists of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share at $0.50 exercisable for eighteen months.
The Company also issued 381,190 warrants as finders' fees in connection with the financing. Each finder's fee warrant entitles the holder to purchase one common share at $0.55 exercisable for one year. All of the shares and warrants issued pursuant to this financing have a resale restriction until December 27, 2010.
The net proceeds of the financing will be used for drilling of the Company's Mineral Gulch project in Idaho and for general working capital purposes.
About Western Pacific
Western Pacific is a gold explorer focused on acquiring advanced-stage projects in the western United States, and 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
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Western Pacific Resources Corp.
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