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Vancouver, British Columbia / TNW-ACCESSWIRE / September 2, 2014 / WPC Resources Inc. (the "Company" or "WPC") is pleased to report that it has closed the second tranche of its previously announced non-brokered private placement (news releases, dated May 26, 2014 & August 20, 2014). For this closing, 5,640,000 Units at $0.05/Unit were placed for total gross proceeds of $277,000. Each Unit consists of one common share and one 2 year share purchase warrant. Each warrant will be exercisable for one common share at $0.10 during the full term of the warrant. The shares and any warrant shares are subject to a four month hold period expiring on or about December 29, 2014. Finders' fees for this second closing have been paid consisting of $14,800.00 and 370,000 Finders' Warrants exercisable for common shares for a period of one year at $.10 per share.
So far, the Unit offering has placed a total of 13,022,250 Units and raised gross proceeds of $646,112.50. The Company anticipates that the third and final closing will occur on or before September 5, 2013.
Proceeds from this financing are being used to continue the exploration programs currently in progress on the Ulu gold property and Hood River gold project in Nunavut and for general corporate purposes.
About WPC Resources Inc.
WPC Resources Inc. is Vancouver, British Columbia-based, focused on mineral exploration and development. The Company has recently entered into agreements to acquire a 100% interest in the 8,000 hectare Hood River property in Nunavut and to earn up to an 80% interest in the advanced Ulu gold project from Elgin Mining Inc. These properties contiguously cover more than 9,000 hectares of the High Lake greenstone belt that is well known for hosting high-grade gold occurrences. Both of these Agreements are subject to approval and acceptance from the TSX-Venture Exchange which is currently in process.
For additional information, please contact:
Stephen Wilkinson, President
Telephone: (604) 685-1144
On behalf of the Board of Directors ;
W.K. Crichy Clarke
Chairman and Chief Executive Officer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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