Western Pacific Gold has decided to cancel and seek an alternative to a previously announced financing consisting of two private placements for total proceeds of up to CAD500,000. Western Pacific now plans to raise, through its wholly owned Australian subsidiary D'Aguilar Gold Pty. Ltd., up to AUD500,000 by way of an information memorandum distributed in Australia. Proceeds of the financing will be used to continue an exploration program on the recently acquired D'Aguilar gold mining and exploration project located near Gympie, 150 km northwest of Brisbane in Queensland, Australia. As well as to prepare D'Aguilar for an initial public offering and listing on the Australian Stock Exchange and pay down current liabilities for Western Pacific's subsidiaries in Australia.
Agressive exploration was planned to include a comprehensive reassessment of all of the existing data and significant drilling activities aimed at outlining in excess of 350,000 ounces of highgrade gold resources and substantial low grade resources.
May 9, 2002
Western Pacific Gold has arranged, non-brokered private placements for the issuance of up to six million units of WPI for gross proceeds of CAD500,000. Two million units will be issued at a price of five cents per unit. Each unit consists of one common share, subject to a one-year hold period, and one warrant, entitling the holder to purchase one additional common share. Up to four million units will be issued at a price of 10 cents per unit. Each unit consists of one common share and one warrant, entitling the holder to purchase one additional common share. Company shares currently trade at 6 cents, with 20.3 million shares currently issued and outstanding. Western Pacific plans to use the proceeds from the private placement, to continue its exploration program on the recently acquired D'Aguilar gold mining and exploration project located near Gympie, 150 km northwest of Brisbane in Queensland, Australia.
Professional or Advanced
