WCB Resources Ltd. Arranges Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/14 -- WCB
Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) announces
that it has decided not to proceed with the non-brokered private
placement of 16,000,000 units at a price of $0.25 per unit for gross
proceeds of $4 million as outlined in the Company's press release
dated March 19, 2014.
The Company also announces that it has arranged an alternative
non-brokered private placement of 22,222,222 units at a price of
$0.27 per unit for gross proceeds of $6,000,000. Each unit is
comprised of a common share and two half warrants (with the first
half warrant being half of a "Warrant A" and the second half warrant
being half of a "Warrant B"). Each whole Warrant A shall entitle the
holder to acquire one additional common share of the Company at a
price of $0.40 per share for a period of 18 months. Each whole
Warrant B shall entitle the holder to acquire one additional common
share of the Company at a price of $0.60 per share for a period of 36
months. It is expected that all units will be subscribed for by
Sandfire Resources NL, a premier Australian copper gold producer
listed on the ASX.
The proceeds from this private placement will be used principally for
drill testing of the Misima Island Porphyry and for ancillary
exploration activities on the Company's Misima Island project,
located in Papua New Guinea, and general working capital.
No finder's fees will be paid on this transaction. The private
placement is subject to exchange acceptance. All of the securities
issued pursuant to this offering will have a hold period expiring
four months and one day after the closing date.
About WCB Resources
WCB is an aggressive minerals exploration and development company
that brings together a strong, interdisciplinary, and proven
management team with the ability to take a project from discovery
right through to operation.
WCB's strategy is to build shareholder value through acquisition,
exploration and development of copper gold projects. This strategy is
being developed by a synthesis of WCB's core skills in project
evaluation, structured acquisition, exploration and project
development and operations, areas where WCB directors and executives
have significant experience.
We believe that our capabilities and experience, combined with an
efficient corporate structure, provide tremendous potential upside
for investors. WCB is focussed on the exploration and development of
the Tier 1 Misima Island Project in Papua New Guinea.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
Neither 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.
WARNING: The Company relies on litigation protection for "forward
looking" statements. Actual results could differ materially from
those described in the news release as a result of numerous factors,
some of which are outside the control of the Company.
WCB Resources Ltd
WCB Resources Ltd
Ironstone Capital Corp.
416 941 1253
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