Placement raises funds for drilling at Mineral Gulch project
By Devika Patel
Knoxville, Tenn., Aug. 27 - Western Pacific Resources Corp. said it completed a C$2.27 million non-brokered private placement of units. The oversubscribed deal priced for C$2.1 million on July 20.
The company sold 6,481,072 units at C$0.35 per unit. Each unit consists of one common share and one half-share warrant.
Each whole warrant will be exercisable at C$0.50 for 18 months. The strike price reflects a 16.28% premium to the July 19 closing share price of C$0.43.
The Vancouver, B.C.-based mineral exploration company will use the proceeds for drilling of the Mineral Gulch project in Idaho and for general working capital.
| Issuer: | Western Pacific Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,268,375
|
| Units: | 6,481,072
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 27
|
| Stock symbol: | TSX Venture: WRP
|
| Stock price: | C$0.43 at close July 19
|
| Market capitalization: | C$7.86 million
|
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