VANCOUVER, March 23, 2012 /CNW/ - WCB Resources Ltd ("WCB" or the "Company") (WCB - TSX.V) is pleased to announce that it has completed a private placement arranged by Casimir Capital Ltd. The private placement consisted of 2,760,161 units at a price of $0.75 per unit for gross proceeds of $2,070,120.75. Each unit consists of one common share in the capital stock of WCB and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a cost of $1.10 for a period of 18 months from the date of issuance.
The proceeds from this private placement will be used to complete further exploration activities on the Company's Misima Island Project (Farm-In with Pan Pacific Copper with WCB earning up to 70%), continued exploration on the Company's Red Hill project (WCB can earn up to 100%) and general administration expenses pertaining to these projects. The company also maintains an aggressive generative effort focussed on the discovery/acquisition and development of high quality copper gold assets.
A commission consisting of 6% cash and 6% broker warrants was paid to Casimir Capital. Each warrant allows Casimir to purchase one common share of WCB at a price of $0.75 for a period of 18 months from the date of closing. The private placement is subject to exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring on July 23, 2012.
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
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]
Email: [email protected]