VANCOUVER, Sept. 19, 2012 /CNW/ - WPC Resources Inc. ("WPC" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") pursuant to which WPC proposes to issue up to 7,692,307 units at a price of $0.065 per unit for gross proceeds of up to $500,000. The Private Placement is subject to the approval of the TSX Venture Exchange.
Each unit under the Private Placement will consist of one common share and one transferable common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.12 for 24 months following the closing of the Private Placement (the "Closing").
The Company will use the net proceeds of the Private Placement to fund the work program on the Company's "Toiyabe Pediment" and "ZPG" properties which are located in central Nevada within the Battle Mountain-Eureka Trend near the Cortez District.
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. 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.
SOURCE: WPC Resources Inc.
For further information:
Allan Fabbro, President
Telephone: (604) 351-8850