VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2012) -
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") is pleased to announce that the private placement of $285,000 through the sale of 2,850,000 Units of the Company (each, a "Unit") at a price of $0.10 per Unit closed on May 22, 2012.
Each Unit is comprised of one common share (each, a "Share") in the capital of Western Pacific and one non transferable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share (each, a "Warrant Share") at a price of $0.15 per Warrant Share until 5:00 p.m. (Vancouver time) on the May 22, 2013, date of expiration of the Warrant, which is twelve (12) months following the Closing Date.
Of the 13 placees, seven are Insiders of the Company, subscribing for a total 1,685,000 Units of the 2,850,000 Units sold.
All of the securities be issued by the Company in connection with this Offering will be subject to a hold period, which will expire September 23, 2012.
About Western Pacific Trust Company
Western Pacific Trust Company is a non-deposit taking Trust Company. Western Pacific is licensed to do trust business under the Financial Institutions Act in British Columbia, and is also registered extra- provincially in Alberta, as a non-deposit taking Trust Company.
On Behalf of the Board,
WESTERN PACIFIC TRUST COMPANY
John de Wit 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.
Contact Information:
John de Wit
President
604-683-0455
604-669-6978 (FAX)
www.westernpacifictrust.com