Business
WPC Resources Inc. Announces Flow Through Financing
WPC Resources Inc. Announces Flow Through Financing
About this update from Blue Star Gold Corp.
[{"type":"text","content":"\nWPC Resources Inc. Announces Flow Through Financing\n\n\n Dec. 17, 2010 (TheNewswire.ca) -- Vancouver, B.C., December 17, 2010 - WPC Resources Inc. (TSXV:WPQ) (\"WPC\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") pursuant to which WPC proposes to issue 3,000,000 flow-through units at a price of $0.155 per unit for gross proceeds of $465,000. The Private Placement is subject to the approval of the TSX Venture Exchange.Each unit under the Private Placement will consist of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.25 for the first 12 months following the closing of the Private Placement (the \"Closing\") and at an exercise price of $0.30 between 12 and 24 months following the Closing.The Company will pay a cash finder's fee of $23,250, representing 5% of the gross proceeds raised in the Private Placement, as well as a non-transferable option (the \"Option\") to acquire 300,000 units of the Company (the \"Units\"), equivalent to 10% of the total units sold in the Private Placement. The Option is exercisable into Units for a period of 12 months following the Closing at an exercise price of $0.155 per Unit. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.25 for the first 12 months following the Closing and at an exercise price of $0.30 between 12 and 24 months following the Closing. In addition, the Company will pay a cash due diligence fee of $13,950, plus HST, representing 3% of the gross proceeds from the Private Placement.The Company originally announced a private placement on October 13, 2010. That private placement was not completed.About WPC Resources Inc.WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and development company.For additional information, please contact:Allan Fabbro, PresidentTelephone: (604) 351-8850CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATIONThis news release contains certain \"forward-looking information\" within the meaning of C...