Deal sells units of one share, one 18-month warrant at C$0.15 per unit
By Devika Patel
Knoxville, Tenn., June 3 - Western Pacific Resources Corp. said it raised C$980,500 in the first tranche of a C$2 million non-brokered private placement of units. The deal priced April 26.
The company is selling 13,333,333 units of one common share and one warrant at C$0.15 per unit. It sold 6,536,668 units in the initial tranche.
Each warrant is exercisable for 18 months at C$0.20, which is identical to the April 25 closing price.
Proceeds will be used to advance the company's projects and for general working capital purposes.
Western Pacific is a Vancouver, B.C.-based gold exploration company.
Issuer: | Western Pacific Resources Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 13,333,333
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Price: | C$0.15
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Warrants: | One warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | April 26
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Pricing date: | June 3 (for C$980,500)
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Stock symbol: | TSX Venture: WRP
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Stock price: | C$0.20 at close April 25
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Market capitalization: | C$4.22 million
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