VANCOUVER, March 9, 2012 /CNW/ - WCB Resources Ltd ("WCB" or the "Company") (WCB - TSX.V) is pleased to announce that Casimir Capital will lead a private placement of 2,733,334 units at a price of $0.75 per unit for gross proceeds of $2.05 million. Each unit will consist of one common share in the capital stock of WCB and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $1.10 for a period of 18 months from the date of issuance.
The Company will pay a commission equal to 6% cash and 6% broker's warrants in connection with the placement. Each broker's warrant will have an exercise price of $0.75 and be exercisable for a period of 18 months from date of close.
The proceeds from this private placement will be used for general working capital and exploration activities. The private placement is subject to exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.
About WCB Resources
WCB is an aggressive minerals exploration and development company that brings together a strong, interdisciplinary, and proven management team with the ability to take a project from discovery right through to operation.
WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects. This strategy is being developed by a synthesis of WCB's core skills in project evaluation, structured acquisition, exploration and project development and operations, areas where WCB directors and executives have significant experience.
We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors. WCB is engaged in an ongoing search and evaluation of additional copper gold projects in the Asia Pacific region.
On behalf of the Board of Directors
Cameron Switzer President and Chief Executive Officer
WCB Resources Ltd.
Neither 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 release.
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
For further information:
Email: [email protected]