Vancouver, British Columbia / ACCESSWIRE / August 20, 2014 / WPC Resources Inc. (the "Company" or "WPC") is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement for 7,382,250 Units at $0.05/Unit for total gross proceeds of $369,112.50 (news release, dated May 26, 2014). Each Unit consists of one common share and one 2 year warrant. Each warrant will be exercisable for one common share at $0.10 during the whole term of the warrant. The shares and any warrant shares are subject to a four month hold period expiring on December 19, 2014. Finders' fees have been paid consisting of: $15,200.00cdn. and 380,000 Finders' Warrants exercisable for common shares for a period of one year at $.10 per share.
WPC further announces that due to the strength of the participation and subject to TSX Venture Exchange approval, the offering will be expanded from 10 million units to 22 million units for gross proceeds of up to $1,100,000. Finder's Fees, in accordance with TSX.V policies, may be paid on some portions of the financing. The final tranche of the financing is expected to close on or around August 29, 2014.
Proceeds from this financing are being used to commence initial exploration programs on the Ulu gold property and Hood River gold project (commencing August 20,2014) in Nunavut and for general corporate purposes.
About WPC Resources Inc. WPC Resources Inc. is a Vancouver, British Columbia based mineral exploration and development company For additional information, please contact either;
Stephen Wilkinson: President W.K. Crichy Clarke: Chairman and CEO
Telephone: (604) 351-8850 (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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: WPC Resources Inc.