Ocean Park Ventures Corp.
TSX VENTURE : OCP

December 01, 2010 17:17 ET

Ocean Park Announces $2,000,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Ocean Park Ventures Corp. (TSX VENTURE:OCP) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 3,700,000 flow-through common shares at a price of $0.55 per share, for gross proceeds of up to $2,035,000. The Company has agreed to allocate a portion of the offering to subscribers found by Axemen Resource Capital Ltd., an exempt market dealer, and may agree to similar allocations to other exempt market or investment dealers. The Company will pay finders' fees equal to 5% of subscription amounts received, payable in cash or non‐flow‐through shares, in addition to finders' warrants equal to 5% of the number of shares subscribed for, each exercisable into one non-flow-through common share of the Company at a price of $0.55 per share for a period of 18 months from closing.

The financing remains subject to the approval of the Exchange. All securities issued pursuant to the private placement will be subject to a four month hold period.

The funds raised from the financing will be used to fund exploration on the Trapper Gold Project recently optioned by the Company.

The Company also announces the appointment of Mr. Tony M. Ricci as a director of the Company. Mr. Ricci has been the CFO of the Company since August and is a Chartered Accountant with over 20 years of practice experience with public companies listed in Canada and the United States. Mr. Ricci is also the current Chief Financial Officer of Keegan Resources Inc. He was a former director and CFO of Norsemont Mining Inc. and CFO of both Petaquilla Minerals Ltd. and Petaquilla Copper Ltd., companies with a combined market capitalization approaching $1 billion. Mr. Ricci was formerly with KPMG and AMEC Engineering Inc.

ON BEHALF OF THE BOARD

Paul Matysek, Chairman

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ocean Park Ventures Corp.
    Paul Matysek
    Chairman
    1-866-824-8938