Business
WPC Resources Closes $1.19 Million Unit Offering and Settles Debt For Shares
(via Thenewswire.ca) Vancouver, British Columbia / TNW-ACCESSWIRE / September 22 2014 / ...
About this update from Blue Star Gold Corp.
[{"type":"text","content":"WPC Resources Closes $1.19 Million Unit Offering and Settles Debt For Shares(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TNW-ACCESSWIRE / September 22 2014 / - WPC Resources Inc. (the \"Company\" or \"WPC\") is pleased to report that it has closed the third and final tranche of its previously announced non-brokered private placement (news releases, dated May 26, 2014 & August 20, 2014). For the final closing, 10,800,000 Units at $0.05/Unit were placed for total gross proceeds of $540,000. Each Unit consists of one common share and one 2-year warrant. Each warrant is exercisable for one common share at $0.10 during the next 24 months. The shares and any warrant shares are subject to a four month hold period expiring on or about January 18, 2015. Finders' fees for the final closing have been paid consisting of $3,200.00 and 80,000 Finders' Warrants exercisable for common shares at $.10 per share for a period of one year.\n\n\n \nThe Company is pleased to also report that with the closing, this Unit offering has placed a total of 23,722,250 Units for gross proceeds of $1,186,112.50, exceeding the original planned private placement of 10,000,000 Units for $500,000. Company directors and management participated in the offering, purchasing a total of 1,722,250 Units. Also, the aggregate \"Pro-Group\" involvement amounted to 600,000 Units. There were 57 placees participating in the placement. \n\n\n \nProceeds from this financing are being used to complete the initial 2014 exploration programs on the Ulu gold property and Hood River gold project in Nunavut and for general corporate purposes.\n\n\n \nThe Company further confirms that as announced in its News Release of June 10, 2014, the TSX-Venture Exchange has accepted for filing shares for debt totalling 700,000 shares at a deemed value of $0.17 a share to two Directors of the Company. By Agreement, this settlement represents full payment of the audited amount payable to the two Directors of $256,200.00 and eliminates that debt.\n\n \n \nAbout WPC Resources Inc. \n\n\n \nWPC Resources Inc. is Vancouver, British Columbia-based, focused on mineral exploration and development. The Company has recently entered into agreements to acquire a 100% interest in the 8,000 ha Hood River property in Nunavut and to earn up to an 80% interest in the advanced Ulu gold project from El...