Great Pacific International Inc.
PINK SHEETS : GPIPF
TSX VENTURE : GPI

Great Pacific International Inc.

April 18, 2007 13:34 ET

Great Pacific Announces Proposed Private Placement

VANCOUVER, BRITISH COLUMBMIA--(CCNMatthews - April 18, 2007) - Great Pacific International Inc. (the "Corporation") (TSX VENTURE:GPI) announces that it has entered into an engagement letter with Pope & Company Limited to carry out a brokered private placement to raise up to $25,000,000 through the sale of flow through and non-flow through units. Each flow through unit will have a price of $1.05 per unit and will consist of one flow through common share and one-half of a share purchase warrant. Each non-flow through unit will have a price of $0.95 per share and will consist of one non-flow through common share and one-half share purchase warrant. Each full warrant will entitle the holder to purchase one common share at a price of $1.25 per share during the first year or $1.45 per share if exercised during the second year. The warrants will be subject to an acceleration right which will permit the Corporation to accelerate the expiry date if the Corporation's shares trade at over $2.00 per share for 20 or more consecutive trading days. Up to $20,000,000 will be raised through the sale of flow through units.

Pope & Company has been granted an over allotment option to increase the size of the private placement by up to an additional 20%. In addition, the Corporation will pay commissions of up to 7% and will grant agent's warrants equal to 10% of the number of shares sold. Each agent's warrant allows the purchase of one common share at a price of $0.95 per share, with a term of two years, the agent's warrants will be subject to an acceleration right which will permit the Corporation to accelerate the expiry date if the Corporation's shares trade at over $2.00 per share for 20 or more consecutive trading days.

The Corporation will use the proceeds of this private placement primarily to carry out exploration and development activities on its oil and gas properties, and on other properties that it may acquire interests in. The Corporation is in the process of negotiating acquisitions of additional working interests in additional oil and gas properties, primarily by way of a farm in arrangements. If those negotiations are successful, proceeds of this placement will be used to fund the exploration and development expenses on these properties. A portion of the private placement proceeds will be used for working capital and possible future acquisitions.

The flow through units will be issued on a "flow through" basis and the Corporation will agree to incur and renounce in favour of the subscribers eligible Canadian exploration expenses or Canadian development expenses, which expenses are to be incurred either during 2007 or 2008.

This private placement will be done on a best efforts basis, and there is no assurance that all or any portion of this financing will be completed. The corporation may pay a finders fee in cash and/or shares as per regulatory guidelines.

GPI also wishes to announce the creation of its new Corporate Website, www.gpicanada.net. This website will be continuously updated with new developments.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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