Dec. 30, 2010 (TheNewswire.ca) --
Vancouver, B.C., December 30, 2010 - WPC Resources Inc. (TSXV:WPQ) (the "Company") is pleased to announce that it has closed a non-brokered private placement with MineralFields Group (the "Private Placement") pursuant to which the Company issued 3,000,000 flow-through units at a price of $0.155 per unit for gross proceeds of $465,000. Each unit under the Private Placement consists of one flow-through common share and one transferable common share purchase warrant. Each common share purchase warrant entitles 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.
Limited Market Dealer Inc. ("LMDI") received a cash finder's fee of $23,250, representing 5% of the gross proceeds raised from non-related parties in the Private Placement, as well as a non-transferable option (the "LMDI Option") to acquire 300,000 units of the Company (the "LMDI Units"). The LMDI Option is exercisable into LMDI Units for a period of 12 months following the Closing at an exercise price of $0.155 per LMDI Unit. Each LMDI Unit will consist of one common share of the Company and one non-transferable share purchase warrant of the Company, and each such warrant will entitle 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, LMDI received a cash due diligence fee of $13,950, plus HST, representing 3% of the gross proceeds from the Private Placement.
The proceeds of the private placement will be used to further the Company's exploration program on its 100% owned Quest Lake project in the Northwest Territories, Canada.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products (NYSE:HZK) and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
About WPC Resources Inc.
WPC Resources Inc. is a Vancouver, British Columbia based gold exploration and development company focused primarily on the resource development of the Quest Lake project in the Northwest Territories, Canada. The Company also has 350 mineral claims located in Lander County and Eureka County, Nevada covering over 7,000 acres and situated in a strategic position between the southern border of Barrick Gold's (NYSE:ABX) (TSX:ABX) Cortez gold (OOTC:CRTZF) (TSXV:CUT) mine and the northern border of US Gold's (TSX:UXG') (TSX:UXG) Cortez claims.
For additional information, please contact:
Allan Fabbro, President & Director
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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