WPC Resources makes $400,000 payment for Ulu

Apr 25, 2018

2018-04-25 14:33 ET – News Release

Mr. Stephen Wilkinson reports

WPC RESOURCES MAKES CASH PAYMENT UNDER ULU OPTION AGREEMENT

WPC Resources Inc. has made a $400,000 cash payment to Mandalay Resources Corp. in accordance with the terms of the new Ulu property option agreement.

Under the agreement, the company can acquire a 100-per-cent interest in the Ulu gold property by making cash payments to Mandalay totalling $400,000, issuing Mandalay 15 million shares of WPC and posting security and assuming responsibility for future reclamation and monitoring costs at Ulu. For additional information on the agreement and the Ulu gold property, please see the company’s news release dated Jan. 11, 2018.

Private placement

Further to the company’s news release dated April 16, 2018, the company has completed a portion of the second and final tranche of its private placement. Upon the completion of the of the full final tranche of the private placement, a new insider of the company will be created based on share ownership. The TSX Venture Exchange has directed the company to not issue shares and warrants that would create a new insider until the individual’s personal information form (PIF) has been cleared.

The company has issued 6.9 million common shares and 3.45 million share purchase warrants, which will not result on the creation of any new insiders of the company. Upon the PIF clearing and final TSX-V approval, an additional 11.5 million shares and 5.75 million warrants will be issued, and a new insider of the company will be created.

In aggregate, following receipt of final approval from the TSX-V and share issuance, the company will have issued 32 million units for gross proceeds of $1.6-million. Each unit consists of one common share and one-half of a common share purchase warrant. Each full warrant will be exercisable to purchase one common share at a price of 10 cents for 12 months following the close of the private placement.

All securities issued pursuant to the first tranche, including the common shares underlying warrants, are subject to a statutory hold period that will expire on June 14, 2018. All securities issued pursuant to the second tranche, including the common shares issued upon the exercise of warrants, are subject to a statutory hold period that expires on Aug. 16, 2018.

The closing of the remainder of the second tranche is subject to the final approval of the TSX-V.

About WPC Resources Inc.

WPC is a Vancouver-based gold exploration company focused on mineral exploration and development. In 2014, the company entered into an agreement to acquire Inukshuk Exploration Inc., the owner of a 100-per-cent interest in the 8,015-hectare Hood River property, located contiguous to the Ulu gold property. WPC has entered into an option agreement to acquire the Ulu gold property.

We seek Safe Harbor.

https://www.wpcresources.ca/news/2018/