VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES NEWSWIRE SERVICES
Western Pacific Trust Company (TSX VENTURE:WP) (the "Company" or "Western Pacific") announces that it has closed the second and final tranche of its private placement (the "Offering") of Series I Preferred Shares (each, a "Share") today. The Offering was announced on June 25, 2014 which news release contains the terms of the Offering and describes the special rights and restrictions attached to the Shares. In the first tranche, the Company issued 13,625 Shares, and in the second and final tranche the Company issued a further 7,025 Shares, for gross proceeds for the Offering of $206,500.
The Company intends to use the proceeds of the Offering for general working capital purposes. All of the shares issued pursuant to the first tranche were issued to insiders of Western Pacific. Of the Shares issued in the second tranche of this Offering, 14.6% were issued to Company insiders. As the Series I Preferred Shares are non-voting and are not convertible into listed shares of the Company, participation by insiders of Western Pacific in the Offering is not expected to increase such insiders' control over the voting securities of the Company.
All of the Shares issued pursuant to the second tranche of the Offering will be subject to a hold period which expires four months and a day after the Closing Date. In addition, the 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 Offering and the issuance of the Shares is subject to approval from the TSXV.
About Western Pacific Trust Company
Western Pacific Trust Company is licensed under the Financial Institutions Act in British Columbia, and registered extra-provincially in Alberta, as a non-deposit taking Trust Company.
On Behalf of the Board,
WESTERN PACIFIC TRUST COMPANY
Alison Alfer, President and CEO
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.