Company raises funds for drilling of Mineral Gulch project in Idaho
By Devika Patel
Knoxville, Tenn., June 9 - Western Pacific Resources Corp. said it will conduct a C$2.5 million non-brokered private placement of units.
The company will sell 4,545,000 units of one common share and one half-share warrant at C$0.55 per unit. Each whole warrant will be exercisable at C$0.75 for one year. The strike price reflects a 15.39% premium to the June 8 closing share price of C$0.65.
The Vancouver, B.C.-based gold exploration company will use the proceeds for drilling of the Mineral Gulch project in Idaho and general working capital.
| Issuer: | Western Pacific Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,499,750
|
| Units: | 4,545,000
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | June 9
|
| Stock symbol: | TSX Venture: WRP
|
| Stock price: | C$0.65 at close June 8
|
| Market capitalization: | C$14.54 million
|
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