VANCOUVER, July 12, 2013 /CNW/ - Western Pacific Resources Corp. (the "Company" - WRP: TSXV) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement. The two tranches of the financing total 6,670,001 units issued at $0.15 each, for total gross proceeds to the Company of $1,000,500.
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 final tranche consists of 133,333 units at $0.15 each, for proceeds of $20,000. The shares and warrants issued in the final tranche have a resale restriction until November 12, 2013.
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.
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 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.
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