Business
Western Pacific announces $10 million convertible note financing and $8.5 million base metals streaming agreement
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About this update from Silver X Mining Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/\n\n\nVANCOUVER, Dec. 10, 2013 /CNW/ - Western Pacific Resources Corp. (\"Western Pacific\" or the \"Company\") (WRP - TSXV) is pleased to announce that it has entered into an investment agreement\n (the \"Investment Agreement\") with Quintana WRP Holding Company LLC\n (\"Quintana WRP\"), an affiliate of Quintana Minerals Corporation\n (\"Quintana\"), for a private placement of secured and unsecured\n convertible notes (the \"Financing\") in the principal amount of up to\n $10 million. In addition, the Company announces that its wholly-owned\n subsidiary, Western Pacific Resources (U.S.) Corp. (the \"Subsidiary\"),\n has concurrently entered into a base metals purchase agreement (the\n \"BMPA\") with Quintana Deer Trail Streaming Company LLC (\"Quintana\n DTS\"), an affiliate of Quintana, for the purchase of certain\n percentages of base metals that are produced from the Deer Trail Mine\n (the \"DTM Project\") by the Company (the \"Streaming Transaction\").\n\n\nThis is a very exciting transaction as it allows the Company to move\n forward with its plans at Deer Trail Mine and demonstrates\n the potential that both companies see in the project.  \"We are pleased\n to be partnering with Western Pacific. We see great opportunity at the\n Deer Trail Mine and with the expertise of the management team in\n place,\" commented Oliver Rodz, Managing Director of Quintana Minerals\n Corporation. \"We look forward to supporting Western Pacific in bringing\n the Deer Trail Mine profitably back into production in the near term\n and in making its compelling growth strategy beyond Deer Trail a\n reality.\"\n\n\nWarwick Smith, CEO of Western Pacific, comments: \"I am extremely pleased\n to announce this partnership with Quintana. Not only were we able to\n arrange a $10 million convertible debt financing, but we were also able\n to enter into an $8.5 million base metal streaming transaction. We will\n now aggressively pursue our development plans at the Deer Trail Mine in\n Utah and look for new growth opportunities. Both Western Pacific and\n Quintana envision building the Company into a multi-asset production\n company by acquiring other advanced, production-ready assets. Gaining a\n financial partner such as Quint...