VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2014) - WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) announces that it has decided not to proceed with the non-brokered private placement of 16,000,000 units at a price of $0.25 per unit for gross proceeds of $4 million as outlined in the Company's press release dated March 19, 2014.
The Company also announces that it has arranged an alternative non-brokered private placement of 22,222,222 units at a price of $0.27 per unit for gross proceeds of $6,000,000. Each unit is comprised of a common share and two half warrants (with the first half warrant being half of a "Warrant A" and the second half warrant being half of a "Warrant B"). Each whole Warrant A shall entitle the holder to acquire one additional common share of the Company at a price of $0.40 per share for a period of 18 months. Each whole Warrant B shall entitle the holder to acquire one additional common share of the Company at a price of $0.60 per share for a period of 36 months. It is expected that all units will be subscribed for by Sandfire Resources NL, a premier Australian copper gold producer listed on the ASX.
The proceeds from this private placement will be used principally for drill testing of the Misima Island Porphyry and for ancillary exploration activities on the Company's Misima Island project, located in Papua New Guinea, and general working capital.
No finder's fees will be paid on this transaction. The private placement is subject to exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months and one day after the closing date.
About WCB Resources
WCB is an aggressive minerals exploration and development company that brings together a strong, interdisciplinary, and proven management team with the ability to take a project from discovery right through to operation.
WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects. This strategy is being developed by a synthesis of WCB's core skills in project evaluation, structured acquisition, exploration and project development and operations, areas where WCB directors and executives have significant experience.
We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors. WCB is focussed on the exploration and development of the Tier 1 Misima Island Project in Papua New Guinea.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
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.
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.