Ocean Park Ventures Corp.

January 28, 2010 17:20 ET

Ocean Park Completes $7,000,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2010) -


Ocean Park Ventures Corp. (the "Company") (TSX VENTURE:OCP.H) is pleased to announce that it has closed the non-brokered private placement previously announced on December 23, 2009, for gross proceeds of $7 million. Under the terms of the private placement, the Company issued an aggregate of 14,000,000 subscription receipts, at a price of $0.50 per subscription receipt.

The proceeds of the financing are being held in escrow pending the approval of the TSX Venture Exchange to the Company's Change of Business (COB) filing relating to the Company's proposed participation in a Joint Venture with International Tower Hill Mines Ltd. ("ITH") in respect of ITH's Chisna copper-gold prospect, located in the Hartman mining district of South-central Alaska.

Upon completion of the COB, each subscription receipt will automatically convert into one unit of Ocean Park for no additional consideration. Each unit will consist of one common share and one half of one warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.75 exercisable for two years, subject to acceleration under certain circumstances. If the COB does not close by March 31, 2010, each subscriber will receive a refund of such subscriber's aggregate subscription funds plus the pro rata entitlement to the interest earned on such amount.

On conversion of the subscription receipts to units, the Company will pay finder's fees of $86,362.50, and will issue 978,600 finder's warrants and 805,875 finder's units to finders who introduced subscribers for this offering to the Company. Each finder's warrant will be exercisable at $0.75 for two years, and each finder's unit will have the same terms as the private placement units. All securities issued in the private placement will be subject to a hold period expiring on May 29, 2010.

The net proceeds of the placement will be used for funding of the Company's proposed Joint Venture with ITH, and for general working capital purposes.

The COB remains subject to the approval of the TSX Venture Exchange.

We seek Safe Harbor.


On behalf of the Board

Donald Gee, CEO/President/Director

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ocean Park Ventures Corp.
    Donald Gee
    President and CEO
    (604) 618-3433