Western Pacific Renegotiates Deer Trail Transaction

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[{"type":"text","content":"\n\n\nVANCOUVER, July 29, 2013 /CNW/ - Western Pacific Resources Corp. (\"Western\" - WRP: TSXV) is pleased to announce that it has renegotiated the terms of the asset\n purchase agreement for the Deer Trail Mine in Piute county, Utah.\n\n\nRevisions to the asset purchase agreement include:\n\n\n(1)     \n\n\nextension of the closing deadline to October 31, 2013;\n\n\n(2)     \n\n\nWestern is not required to close unless it has completed a financing of\n at least $5M;\n\n\n(3)     \n\n\nDeer Trail Mining Company (\"DTMC\") must deliver substituted water rights\n to replace the current Crown Mines lease;\n\n\n(4)     \n\n\nDTMC must subordinate its first position to any third party debt\n financing of up to $10M which may be completed by Western, provided\n that Western advances up to 5% of the loan proceeds;\n\n\n(5)     \n\n\na closing extension fee of US$40k payable to Western (as a reduction of\n the purchase price);\n\n\n(6)     \n\n\nany water leases entered into by Western will be assigned to DTMC if\n Western does not close by the revised closing deadline; and\n\n\n(7)     \n\n\nAdditional data on the Deer Trail Mine to be delivered to Western.\n\n\n\n\n\nManagement of Western is pleased with the addition of the new terms to\n the asset purchase agreement and looks forward to closing the\n transaction in an expeditious manner.\n\n\nAbout Western Pacific\n\n\nWestern is focused on advancing a strong portfolio of advanced-stage\n projects in the Western United States. Western's team is led by\n technical and financial experts who aim to succeed in creating\n shareholder value.  For more information, please visit our website at www.westernpacificresources.com.\n\n\nON BEHALF OF THE BOARD\n\n\nWarwick Smith, Chief Executive Officer\n\n\nNeither the TSX Venture Exchange nor the Investment Industry Regulatory\n Organization of Canada accepts responsibility for the adequacy or\n accuracy of this news release. \n\n\nThis news release contains forward-looking information, which involves\n known and unknown risks, uncertainties and other factors that may cause\n actual events to differ materially from current expectation.  The\n ability of the Compan...

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