White Pine Resources Inc.
TSX VENTURE : WPR

White Pine Resources Inc.

December 09, 2010 15:56 ET

White Pine Resources Inc. Announces Closing of Private Placement Financing to Raise $1,000,000

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) -

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White Pine Resources Inc. (TSX VENTURE:WPR) ("WPR") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued an aggregate of 4,000,000 units ("Units") at a price of $0.25 per Unit, to raise aggregate gross proceeds of $1,000,000. Each Unit consists of one common share of WPR (a "Common Share") and one-half of one share purchase warrant of WPR, each whole such share purchase warrant entitling the holder thereof to acquire one additional Common Share for a period of 24 months at an exercise price of $0.35 per share. Insiders of WPR subscribed for an aggregate of 950,000 Units issued in the Offering. 

All of the securities issued and issuable in connection with the Offering are subject to a statutory hold period expiring on April 10, 2011. The Offering remains subject to the final approval of the TSXV. 

About White Pine Resources Inc.

White Pine Resources Inc. is a Canadian based mineral exploration Company primarily focused on the exploration and development of mineral deposits in Canada.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WPR, including, but not limited to the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

NEITHER THE 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

  • White Pine Resources Inc.
    John Tait
    President and Chief Executive Officer
    (416) 628-5905