White Pine Resources Inc. Announces Closing of Private Placement Financing
August 25, 2009
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White Pine Resources Inc. (TSX VENTURE:WPR)("WPR") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued (i) an aggregate of 4,874,999 "flow-through" common shares ("FT Shares") at a price of $0.45 per FT Share; and (ii) an aggregate of 725,000 units ("Units") at a price of $0.40 per Unit, to raise aggregate gross proceeds of approximately $2,483,750. Each Unit consists of one common share and one-half of one share purchase warrant of WPR, each whole such share purchase warrant entitling the holder thereof to acquire one additional common share of WPR for a period of 24 months at an exercise price of $0.65 per share.
In connection with the Offering, WPR has paid a finder's fee to certain qualified registrants assisting in the Offering in the amount equal to 6.5% of the gross proceeds raised by such finders, and has issued an aggregate of 316,874 broker warrants to such finders, each such broker warrant entitling the holder thereof to acquire one common shares of WPR at a price of $0.45 per share, for a period of two years.
The private placement remains subject to the final approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a statutory hold period expiring December 26, 2009.
About White Pine Resources Inc.
White Pine Resources Inc. is a Canadian based mineral exploration company with extensive property holdings strategically located on and around the nickel/copper "Ring of Fire" in northern Ontario near James Bay. The common shares of White Pine Resources Inc. trade on the TSX Venture Exchange under the symbol "WPR".
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WPR, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.