Vancouver, British Columbia–(Newsfile Corp. – December 16, 2013) – West Point Resources Inc. (the “Company”) is pleased to announce that it has successfully completed its initial public offering (the “IPO”) of 6,628,100 units of the Company (each, a “Unit”) at a price of $0.10 per Unit and 859,000 flow-through units of the Company (each, a “FT Unit”) at a price of $0.15 per FT Unit for gross proceeds of $791,660. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.20 cents per common share for a period of 60 months from the closing date of the IPO. Each FT Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.25 cents per common share for a period of 60 months from the closing date of the IPO.
Richardson GMP Limited acted as agent (the “Agent”) for the IPO. The Company paid the Agent (and members of the Agent’s selling group) a cash commission equal to 10% of the gross proceeds of the IPO and issued common shares equal to ten percent (10%) of the number of offered securities sold in the IPO. The Agent also received a corporate finance fee of $25,000 plus applicable taxes and $5,000, paid in 50,000 common shares plus applicable taxes paid in cash.
The Company intends to use the net proceeds of the IPO to explore the Ruby Range Project, as described in the Company’s amended and restated final prospectus dated September 26, 2013, a copy of which is available on the Company’s profile on www.sedar.com and for general working capital purposes.
The Company anticipates its common shares will begin trading on the TSX Venture Exchange at market open on December 18, 2013 under the trading symbol “WPO.”
Clark Wilson LLP acted as legal counsel to the Company in connection with the IPO.
On behalf of the Board of Directors
President and CEO
West Point Resources Inc.