Business
Western Pacific Announces $2.1M Private Placement
Western Pacific Announces $2.1M Private Placement
About this update from Silver X Mining Corp
[{"type":"text","content":"\n\n\n\n Jul. 20, 2010 (Canada NewsWire Group) -- Western Pacific Resources Corp. (WRP - TSXV) is pleased to announce that it has negotiated, subject to stock exchange approval, a non-brokered private placement of up to 6 million units at $0.35 per unit, for gross proceeds of up to $2.1 million. Each unit will consist of one common share and one-half of a warrant, each whole warrant entitling the holder to purchase one additional common share at $0.50 exercisable for 18 months.\nIf at any time from four months and one day after the closing of the financing, the volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange over a period of 20 consecutive trading days exceeds $0.75, the Company may, within five days after such an event, provide notice to the warrant holders that the warrants will expire early, namely, on the date which is 30 calendar days after the date of such notice to the warrant holders.\nA finder's fee may be paid on a portion or all of the placement. The finder's fee will consist of 7% cash or units, and 7% warrants, each such warrant entitling the holder to purchase one common share at $0.55 exercisable for one year.\nThe net proceeds of the financing will be used for drilling of the Company's Mineral Gulch project in Idaho and for general working capital purposes.\n\nAbout Mineral Gulch\n\nMineral Gulch is located in Cassia County, Idaho, along the southeast edge of the Black Pine Mountains, approximately 128km southeast of Burley and 28 km northwest of Utah. Western Pacific Resources Corp. owns 100% of the project which it acquired through staking.\nThe project encompasses the historic Black Pine Mining District and surrounding exploration ground. Western Pacific recently acquired the historical proprietary data for the property from Newmont Mining Corporation.\nSporadic small-scale gold and base-metal mining occurred in the area as early as 1915. Noranda conducted exploration programs at Black Pine between 1984 and 1990. Pegasus Mining entered into a joint venture with Noranda in 1990 and became the majority owner and operator of the mining effort between 1992 and 1998. The Black Pine produced over 500,000 ounces of gold at an average head grade of 1.5 grams from several small open pits. Historic exploration and mining efforts have generally focused on near-surface, oxi...