/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, June 3, 2013 /CNW/ - Western Pacific Resources Corp. (the "Company") - (TSXV: WRP) is pleased to announce that it has closed the first tranche of its
previously announced non-brokered private placement by issuing
6,536,668 units at $0.15 per unit, for gross proceeds of $980,500.
Each unit consists of one common share and one warrant, each warrant
entitling the holder to purchase one additional common share for 18
months from closing at $0.20. The Company is also issuing 107,800
warrants and paying $16,170 cash as finders' fees in connection with
this portion of the financing, subject to TSX-V acceptance. The
finders' fee warrants have the same terms as the unit warrants. All of
the shares and warrants have a resale restriction until October 4,
The net proceeds of this financing will be used to advance the Company's
projects (principally the Deer Trail Mine, Piute County, Utah following
closing of the acquisition) and for general working capital purposes.
Closing of the Deer Trail transaction is expected to occur on June 7,
The securities referred to in this news release have not been, and will
not be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons absent registration or an
applicable exemption from the registration requirements of such Act.
This news release shall not constitute an offer to sell, nor the
solicitation of an offer to buy, any securities. Any public offering
of securities in the United States must be made by means of a
prospectus containing detailed information about the company and
management, as well as financial statements.
About Western Pacific
Western is focused on advancing a strong portfolio of advanced-stage
projects in the Western United States. Western's team is led by
technical and financial experts who aim to succeed in creating
shareholder value. 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.
This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. The
ability of the Company to successfully complete the private placement
is subject to various risks as well as factors beyond the Company's
control, including the state of capital markets. As well, the ability
of the Company to complete the Deer Trail Mine acquisition on time or
at all is subject to various risks and other factors. Risks and
factors that may cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed
from time to time on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: Western Pacific Resources Corp.
For further information:
1450 - 701 W Georgia Street
Canada V7Y 1G5
Rob Gamley (Contact Financial) 1-877-689-7411
Erin Ostrom 604-692-2891