Westhope Capital Corp.

February 03, 2010 16:01 ET

Westhope Capital Corp., Harper Capital Inc., 2227343 Ontario Inc. and Harry Bregman Announce Entering Into of Letter Agreement

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2010) - Westhope Capital Corp. ("WCC") (Canada - OTC) is pleased to announce that it has entered into a letter agreement (the "Letter Agreement") dated February 2, 2010, with 2227343 Ontario Inc., a private Ontario corporation ("OntarioCo"), Harper Capital Inc., a private Ontario corporation ("HCI"), and Harry Bregman ("HB").

Pursuant to the Letter Agreement, OntarioCo has indicated that it is interested in assisting WCC to develop a new business in the areas of acquiring fertilizer, mining properties, energy assets or oil and gas assets, to obtain a listing on a Canadian stock exchange and to procure financing for WCC's new operations and WCC has agreed to dispose of all of its oil and gas interests that it owns in Southwestern Ontario (the "Oil and Gas Interests") to HCI.

Summary of the Letter Agreement

Pursuant to the terms of the Letter Agreement, WCC will call a shareholders' meeting to obtain shareholders' approval to: (i) consolidate the common shares of WCC on a ten (10) old shares for one (1) new share basis (the "Post Consolidation Shares"); (ii) complete a name change to EPM Mining Ventures Inc. or such other name as may be determined by OntarioCo; (iii) complete a private placement of up to 10,000,000 Post Consolidation Shares at an issue price of $0.10 CDN per Post-Consolidation Share for aggregate proceeds of up to $1,000,000; (iv) terminate the existing management and consulting agreements in exchange for a payment of $510,000; and (v) sell the Oil and Gas Interest to HCI in consideration for a payment of $160,000.

In addition, OntarioCo will purchase all of the Post-Consolidation Shares owned, directly or indirectly, by each of HCI and HB in the capital of WCC, at a price of $0.10 CDN for each Post-Consolidation Share. HCI and HB own, directly or indirectly, approximately one percent (1%) of the issued and outstanding shares of WCC.

The parties shall use their best efforts to complete each of the above transactions on or prior to April 30, 2010 (the "Completion Deadline"). In the event that the transactions have not been completed by the Completion Deadline, each of the parties shall be entitled to terminate their respective obligations under the Letter Agreement.

There are 5,844,258 common shares issued.

Contact Information

  • Westhope Capital Corp.
    Gordon R. Wilton
    President and Chief Executive Officer
    (416) 363-1240