Dec. 17, 2010 (TheNewswire.ca) --
Vancouver, B.C., December 17, 2010 - WPC Resources Inc. (TSXV:WPQ) ("WPC" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") pursuant to which WPC proposes to issue 3,000,000 flow-through units at a price of $0.155 per unit for gross proceeds of $465,000. The Private Placement is subject to the approval of the TSX Venture Exchange.
Each unit under the Private Placement will consist of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.25 for the first 12 months following the closing of the Private Placement (the "Closing") and at an exercise price of $0.30 between 12 and 24 months following the Closing.
The Company will pay a cash finder's fee of $23,250, representing 5% of the gross proceeds raised in the Private Placement, as well as a non-transferable option (the "Option") to acquire 300,000 units of the Company (the "Units"), equivalent to 10% of the total units sold in the Private Placement. The Option is exercisable into Units for a period of 12 months following the Closing at an exercise price of $0.155 per Unit. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant of the Company, each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.25 for the first 12 months following the Closing and at an exercise price of $0.30 between 12 and 24 months following the Closing. In addition, the Company will pay a cash due diligence fee of $13,950, plus HST, representing 3% of the gross proceeds from the Private Placement.
The Company originally announced a private placement on October 13, 2010. That private placement was not completed.
About WPC Resources Inc.
WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and development company.
For additional information, please contact:
Allan Fabbro, President
Telephone: (604) 351-8850
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 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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