Business
Great Pacific Closes Tranche One of Private Placement
Great Pacific Closes Tranche One of Private Placement
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\n Dec. 21, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nVANCOUVER, Dec. 21 /CNW/ - Great Pacific International Inc. ("GPI" or the "Corporation") is pleased to announce that it has closed the first tranche of a private placement of common shares and warrants as announced on December 1, 2010 (available at www.sedar.com).\nThe company has received a total of $909,300 for subscriptions of 10,697,647 units at a price of $0.085 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring December 21, 2012. A total of 62 subscribers, including one insider, participated in tranche one of the private placement.\nThe Corporation will use the proceeds for exploration and development activities on its Alberta oil and gas properties, and on other properties that it may acquire interests in. A portion of the private placement proceeds will be reserved for working capital purposes.\nIn Tranche one the Company will pay finders' fees to four dealers (All Group Financial Services, Union Securities Ltd., Macquarie Private Wealth Inc. and Meadowbank Asset Management Inc.) totaling $78,613.50 in cash and will issue 924,865 agent warrants. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring December 21, 2012.\nThe securities issued in this placement are subject to a hold period...