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