(Expected to commence trading on April 20, 2010)
VANCOUVER, April 19 /CNW/ - WPC Resources Inc. (the "Company") is pleased to announce that it closed its initial public offering on April 16, 2010. The offering consisted of 7,000,000 units at a price of $0.20 per unit for gross proceeds of $1,400,000. Each unit is comprised of one common share of the Company and one share purchase warrant. Every share purchase warrant entitles the holder to purchase an additional common share at a price of $0.35 until April 16, 2011. Jordan Capital Markets Inc. acted as agent for the offering and received from the Company a cash commission of 8% of the gross proceeds of the offering and a corporate finance fee of $50,000 plus GST, plus reimbursement for all expenses incurred in connection with the offering. In addition, the Company issued to Jordan Capital Markets and other participating brokers (including Canaccord Capital Corp., Leede Financial Markets Inc., Bolder Investment Partners Ltd., Jones Gable & Company Ltd., Wolverton Securities Ltd., Pacific International Securities Ltd. and CIBC Wood Gundy) an aggregate of 700,000 nontransferable share purchase warrants to acquire 700,000 common shares of the Company at a price of $0.20 per common share until April 16, 2011.
The TSX Venture Exchange has approved the listing of the Company's common shares and trading is expected to commence on Tuesday, April 20, 2010 under the symbol "WPQ".
Pursuant to section 11.2 of National Instrument 51-102 of the Canadian Securities Administrators, the Company hereby gives notice that it has become a venture issuer.
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: For further information: W.K. Crichton Clarke, Chairman of the Board, CEO & Director, Telephone: (604) 685-1144