Great Pacific Announces Private Placement / OptionNEWS RELEASE
Great Pacific Announces Private Placement / Option Grants
Great Pacific International Inc. (“GPI” or the “Corporation”) announces a non-brokered privateplacement of up to 15,000,000 units at a price of
.085 per unit. If fully subscribed, the total
proceeds from this financing will be $1,275,000. Each unit will consist of one common share
and one share purchase warrant. Each warrant will entitle the holder to purchase one common
share at a price of
.20 per share for two years. The Corporation may pay finders’ fees in cashand/or shares as allowed by regulatory guidelines.
The Corporation will use the proceeds for exploration and development activities on its oil and
gas properties, and on other properties that it may acquire interests in. A portion of the private
placement proceeds will be reserved for used as working capital.
There is no assurance that all or any portion of this financing will be completed.
GPI also wishes to announce the grant of 2,650,000 stock options (“Options”) to directors, seniorofficers, employees and consultants. The Options will be exercisable for five years at an
exercise price of
.10 per option.