WPC Resources Inc.
TSX VENTURE : WPQ

WPC Resources Inc.

September 23, 2015 19:32 ET

WPC Resources Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.

WPC Resources Inc. (the "Company" or "WPC") (TSX VENTURE:WPQ) is pleased to announce a non-brokered private placement of up to 30,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $1,500,000 (the "Offering"). Each Unit will consist of one (1) common share ("Common Share") in the capital of the Company and one half (1/2) non-transferable Common Share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one Common Share of the Company for a period of twenty four (24) months from the close of the Offering at an exercise price of $0.10. The Company will use the net proceeds of the Offering to pursue the acquisition of the past producing Lupin Gold Mine and the Ulu Gold Project from Mandalay Resources Corporation (the "Acquisition" see WPC news release dated January 19, 2015), prepare a preliminary economic assessment of the Ulu Gold Project and general working capital. The Company intends to close the Offering as soon as practicable.

The Offering, including the future issuance of Common Shares and Warrants, is subject to the final approval of the TSX Venture Exchange. All securities issued will be subject to a hold period of four months and a day pursuant to applicable securities laws.

About WPC Resources Inc.

WPC is a Vancouver, British Columbia based gold exploration company focused on mineral exploration and development. The Company has entered into a letter of intent to acquire a 100% interests in the historic Lupin Gold Mine and Ulu Gold Property from Mandalay Resources Corporation. In addition, WPC has entered into agreements to acquire Inukshuk Exploration Inc., the owner of a 100% interest in the 8,000 ha Hood River property located contiguous to the Ulu Gold Property. The Company is listed on the TSX-V with the trading symbol: WPQ.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including the expected completion of the Offering and the timing thereof, and the expected use of proceeds are forward-looking statements and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. 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.

Issued and Outstanding: 68,500,304 Common Shares

Contact Information

  • WPC Resources Inc.
    Stephen Wilkinson
    President
    (778) 379-1433