Western Pacific Trust Company
TSX VENTURE : WP

Western Pacific Trust Company

April 27, 2016 18:50 ET

Western Pacific Trust Company Announces Closing 2nd and Final Tranche of Private Placement of Series II Preferred Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 27, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES NEWSWIRE SERVICES.

Western Pacific Trust Company (TSX VENTURE:WP) (the "Company") announces that it has closed the second and final tranche of its private placement (the "Offering") of Series II Preferred Shares (each, a "Share") today. The Offering of up to 79,600 Shares was announced on March 15, 2016, which news release contained the terms of the Offering and described the special rights and restrictions attached to the Shares, including those pertaining to conversion of the Shares to common shares of the Company. As disclosed in the news release issued March 31, 2016, the Company issued 49,600 Shares the first tranche. In this second tranche, the Company issued a further 19,600 Shares, for a total of 69,200 Shares and gross proceeds of $692,000.

The Company intends to use the proceeds of the Offering to repay certain subordinated debt and for general working capital purposes.

All of the Shares issued pursuant to the second tranche of the Offering are subject to a hold period which expires August 28, 2016, and the Series II Preferred Shares may not be converted during the hold period. In addition, the Series II Preferred Shares may not be sold, transferred or otherwise disposed of without the consent of the board of directors of the Company, and the board of directors is not required to give any reason for refusing to consent to any such sale, transfer of other disposition.

The final closing of the Offering is subject to approval from the TSX Venture Exchange.

About Western Pacific Trust Company

Western Pacific Trust Company is a non-deposit taking financial institution. The Company is licensed under the Financial Institutions Act in British Columbia, and is also registered extra-provincially in Alberta, as a non-deposit taking Trust Company. Western Pacific Trust Company has one wholly owned subsidiary: WP Private Equity Transfers Inc.

On Behalf of the Board,

WESTERN PACIFIC TRUST COMPANY

/s/ Alison Alfer

ALISON ALFER, President and CEO

This news release contains forward-looking statements and forward-looking information, which are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations.

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

  • Western Pacific Trust Company
    Alison Alfer
    President
    (604) 683-0455
    (604) 669-6978 (FAX)