VANCOUVER,
July 29, 2013 /CNW/ - Western
Pacific Resources Corp. ("Western" - WRP: TSXV) is pleased to
announce that it has renegotiated the terms of the asset purchase
agreement for the Deer Trail Mine in Piute county, Utah.
Revisions to the asset purchase agreement
include:
|
(1) |
extension of the closing deadline to
October 31, 2013; |
|
(2) |
Western is not required to close
unless it has completed a financing of at least $5M; |
|
(3) |
Deer Trail Mining Company ("DTMC")
must deliver substituted water rights to replace the current Crown
Mines lease; |
|
(4) |
DTMC must subordinate its first
position to any third party debt financing of up to $10M which may
be completed by Western, provided that Western advances up to 5% of
the loan proceeds; |
|
(5) |
a closing extension fee of US$40k
payable to Western (as a reduction of the purchase price); |
|
(6) |
any water leases entered into by
Western will be assigned to DTMC if Western does not close by the
revised closing deadline; and |
|
(7) |
Additional data on the Deer Trail
Mine to be delivered to Western. |
Management of Western is pleased with the
addition of the new terms to the asset purchase agreement and looks
forward to closing the transaction in an expeditious manner.
About Western Pacific
Western is focused on advancing a strong
portfolio of advanced-stage projects in the Western United States. Western's team is led
by technical and financial experts who aim to succeed in creating
shareholder value. For more information, please visit our
website at www.westernpacificresources.com.
ON BEHALF OF THE BOARD
Warwick Smith, Chief Executive Officer
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this news release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. The ability of the Company to
successfully complete the Deer Trail Mine acquisition on time or at
all is subject to various risks and other factors. Risks and
factors that may cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time on SEDAR at www.sedar.com. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news
release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Western Pacific Resources Corp.