Business
WPC RESOURCES INC. CLOSES FLOW THROUGH FINANCING WITH MINERALFIELDS GROUP
Dec. 30, 2010 (TheNewswire.ca) -- Vancouver, B.C., December 30, 2010 - WPC Resources Inc. (T...
About this update from Blue Star Gold Corp.
[{"type":"text","content":"\nWPC RESOURCES INC. CLOSES FLOW THROUGH FINANCING WITH MINERALFIELDS GROUP\n\n\n Dec. 30, 2010 (TheNewswire.ca) -- Vancouver, B.C., December 30, 2010 - WPC Resources Inc. (TSXV:WPQ) (the \"Company\") is pleased to announce that it has closed a non-brokered private placement with MineralFields Group (the \"Private Placement\") pursuant to which the Company issued 3,000,000 flow-through units at a price of $0.155 per unit for gross proceeds of $465,000. Each unit under the Private Placement consists of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant entitles 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.Limited Market Dealer Inc. (\"LMDI\") received a cash finder's fee of $23,250, representing 5% of the gross proceeds raised from non-related parties in the Private Placement, as well as a non-transferable option (the \"LMDI Option\") to acquire 300,000 units of the Company (the \"LMDI Units\"). The LMDI Option is exercisable into LMDI Units for a period of 12 months following the Closing at an exercise price of $0.155 per LMDI Unit. Each LMDI Unit will consist of one common share of the Company and one non-transferable share purchase warrant of the Company, and each such warrant will entitle 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, LMDI received a cash due diligence fee of $13,950, plus HST, representing 3% of the gross proceeds from the Private Placement.The proceeds of the private placement will be used to further the Company's exploration program on its 100% owned Quest Lake project in the Northwest Territories, Canada.About MineralFields, Pathway and First Canadian Securities ®MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughou...