By Devika Patel
Knoxville, Tenn., July 20 - Western Pacific Resources Corp. said it plans a non-brokered private placement of units for C$2.1 million.
The company will sell 6 million 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 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$2.1 million
|
| Units: | 6 million
|
| 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
|
| Stock symbol: | TSX Venture: WRP
|
| Stock price: | C$0.43 at close July 19
|
| Market capitalization: | C$6.59 million
|
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