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Vancouver, British Columbia / TheNewswire / Feb 26 2015 - WPC Resources Inc. (the "Company" or "WPC") is pleased to announce a non-brokered private placement of up to 12,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $600,000 (the "Offering"). Each Unit will consist of one (1) common share ("Common Share") in the capital of the Company and one (1) non-transferable Common Share purchase warrant (a "Warrant"). Two Warrants will entitle the holder to purchase one Common Share of the Company for a period of twenty four (24) months from the closing of the Offering at an exercise price of $0.10. The net proceeds of the Offering will be used by the Company to fund due diligence for the acquisition of the past producing Lupin Gold Mine and the Ulu Gold Project from Mandalay Resources Corporation (the "Acquisition" as announced in the WPC news release dated January 19, 2015) as well as 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.
Annual General and Special Meeting of Shareholders
The Company's board has approved an Annual General and Special Meeting of Shareholders ("AGS") to be held on Friday May 15, 2015. At the AGS the Company expects to ask its shareholders to approve the issuance of Common Shares for the Acquisition and change the Company's Articles of Incorporation to increase the Company's authorized common and preferred share capital. In addition, the Shareholders will be asked to approve the change of the Company's name to Lupin Gold Corporation as part of the acquisition of the Lupin Gold Mine and the Ulu Gold Project.
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About WPC Resources Inc.
WPC is a Vancouver, British Columbia-based gold exploration company focused on mineral exploration and development. The Company has recently entered into a letter of intent to acquire a 100% interests in the historic past producing Lupin Gold Mine plus the advanced Ulu Gold Project and adjacent prospects from Mandalay Resources Corporation. In addition the Company 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 Project. The Company is listed on the TSX-V with the trading symbol: WPQ.
For additional information, please contact:
Stephen Wilkinson, President
Telephone: (604) 685-1144
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.
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