White Pine Resources Inc.
TSX VENTURE : WPR

White Pine Resources Inc.

December 23, 2008 16:15 ET

White Pine Resources Inc. Closes Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2008) -

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White Pine Resources Inc. (formerly WSR Gold Inc.) (TSX VENTURE:WPR) ("White Pine") is pleased to announce today that it has closed its previously announced non-brokered offering to raise gross proceeds of $1,068,750. Pursuant to the offering, White Pine issued an aggregate of 4,275,000 flow-through units ("FT Units") at $0.25 per FT Unit, each such FT Unit consisting of one "flow-through" common share and one share purchase warrant of White Pine, each whole such share purchase warrant entitling the holder thereof to acquire one additional common share of White Pine (which shall not be a "flow-through" share) for a period of 12 months at an exercise price of $0.35 per share. All securities issued in connection with the offering are subject to a statutory hold period expiring on April 24, 2009.

The private placement remains subject to the final approval of the TSX Venture Exchange.

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 White Pine, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. 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.

The TSX Venture Exchange has not reviewed and does not accept 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