Western Pacific Receives US$600,000 Tranche From Quintana
September 10, 2014 (Source: Marketwired) — Western Pacific Resources Corp. (the “Company”) (TSX VENTURE:WRP) is pleased to announce that it has received an additional US$600,000 from Quintana WRP Holding Company LLC (“Quintana WRP”) pursuant to the Company’s convertible note financing completed in February 2014.
The Company has issued to Quintana WRP an unsecured convertible note in the amount of US$600,000, which was then converted into 4,975,301 common shares of the Company at a rate of CAD$0.1328 per share. The shares have a hold period until January 10, 2015.
Quintana WRP continues to hold secured convertible notes of the Company in the aggregate principal amount of US$5.0 million which are convertible at any time at the option of Quintana WRP, in whole or in part, into common shares of the Company at a rate of CAD$0.1328 per share (see press releases December 10, 2013 and February 24, 2014).
About Western Pacific Resources Corp.
Western Pacific is a publicly traded resource exploration company focused on advancing a strong portfolio of precious metal properties in the Western United States. The Company is currently developing the polymetallic Deer Trail Mine in Piute County, Utah. The Company’s shares trade on the TSX Venture Exchange under the symbol “WRP”. Western Pacific’s team is led by a slate of technical and financial experts whose aim is to succeed in creating shareholder value through the development of its portfolio of projects as well as by pursuing additional property acquisitions and other strategic opportunities.
ON BEHALF OF THE BOARD
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Michael Callahan, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this press release constitute forward-looking statements within the meaning of Canadian securities legislation. Forward-looking statements contained in this news release include, without limitation, statements in respect of the proposed development of the Deer Trail Mine property. These statements relate to future events, business prospects or opportunities and product development. All such statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release.
Forward-looking statements involve known and unknown risks, uncertainties, assumptions of management and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statement, including but not limited to: (a) the Company not having the financial ability to meet its exploration and development goals; (b) risks associated with the results of exploration and development activities, the interpretation of drilling results and other geological risks, estimation of mineral resources and the geology, grade and continuity of mineral deposits, project cost overruns or unanticipated costs and expenses; and (c) such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to it on the date such statements were made, no assurances can be given as to future results, approvals or achievements. Such forward-looking statements have been made for the purpose of assisting investors in understanding the Company’s business, financial and operational performance and plans and may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The Company disclaims any duty to update any of the forward-looking statements after the date of this news release to conform such statements to actual results or to changes in the Company’s expectations except as otherwise required by applicable law.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>