VANCOUVER, July 12, 2013 /CNW/ - Western Pacific
Resources Corp. (the "Company" - WRP: TSXV) is pleased to
announce that it has closed the final tranche of its previously
announced non-brokered private placement. The two tranches of
the financing total 6,670,001 units issued at $0.15 each, for total gross proceeds to the
Company of $1,000,500.
Each unit consists of one common share and one
warrant, each warrant entitling the holder to purchase one
additional common share for 18 months from closing at $0.20. The final tranche consists of
133,333 units at $0.15 each, for
proceeds of $20,000. The shares
and warrants issued in the final tranche have a resale restriction
until November 12, 2013.
The net proceeds of this financing will be used
to advance the Company's projects (principally the Deer Trail Mine,
Piute County, Utah following
closing of the acquisition) and for general working capital
purposes.
About Western Pacific
Western is focused on advancing a strong
portfolio of advanced-stage projects in the Western United States. Western's team is led
by technical and financial experts who aim to succeed in creating
shareholder value. For more information, please visit our
website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this news release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. The ability of the Company to
successfully complete the Deer Trail Mine acquisition on time or at
all is subject to various risks and other factors. Risks and
factors that may cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time on SEDAR at www.sedar.com. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news
release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Western Pacific Resources Corp.