WPC Resources Shareholders Approve Directors
Six Member Management Slate Elected: All Other Proposals Passed
VANCOUVER, BRITISH COLUMBIA–(May 19, 2015) – WPC Resources Inc. (TSX VENTURE:WPQ) (the “Company” or “WPC”) is pleased to announce the shareholders of the Company approved all proposals submitted by the Board of Directors to the Company’s special and annual general meeting in Vancouver on Friday April 15th.
The six member board is comprised of Allan Fabbro, Ian Graham, Robert Metcalfe, Wayne Moorhouse, Stephen Wilkinson and Ken Yurichuk.
Shareholders also voted to set the total number of directors at six, appointed Smythe Ratcliffe as auditor for the ensuing year, ratified the Company’s 10% rolling stock option plan and approved the issuance of up to 36 million shares to Mandalay Resources Corp (“Mandalay”). and the potential creation of a new control person of the Company. Two resolutions, the approval of amendments to the Company’s Articles and the approval of an increase in the Company’s authorized share capital, were not voted on as prior to the meeting the Company received an order in the Supreme Court of British Columbia that these amendments had been passed at the Company’s 2014 special and annual general meeting held on June 10, 2014.
The board would like to thank the Company’s shareholders for their continued support and outgoing directors W.K. Crichy Clarke, Richard Jordans and Glen MacDonald for their contributions to the Company.
Update on Acquisition of Lupin Mines Incorporated
WPC is also pleased to provide an update to the status of the acquisition of Lupin Mines Incorporated (“Lupin”) from Mandalay as first reported in the Company’s news release dated January 19, 2015. The Company has been informed that on May 11, 2015, the Nunavut Water Board requested the Minister of Aboriginal Affairs and Northern Development Canada approve a license authorizing Lupin to use water and deposit waste in support of the care and maintenance and transition phases for the Lupin Mine. In accordance with the Nunavut Waters and Nunavut Surface Rights Tribunal Act ministerial approval is required in order for the water license to take effect and be valid.
The due diligence on Lupin is ongoing and the Company, its consultants and legal and financial advisors will continue to work to close the acquisition as soon as practicable. The closing date for the acquisition has yet to be set by WPC and Mandalay.
About WPC Resources Inc.
WPC is a Vancouver, British Columbia-based gold exploration company focused on mineral exploration and development. The Company has recently entered into a letter of intent to acquire a 100% interests in the historic past producing Lupin Gold Mine, plus the advanced Ulu Gold Project and adjacent prospects from Mandalay. In addition the Company has entered into agreements to acquire Inukshuk Exploration Inc., the owner of a 100% interest in the 8,000 ha Hood River property located contiguous to the Ulu Gold Project. WPC is listed on the TSX-V with the trading symbol: WPQ.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking information” within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including the expected completion of the Offering and the timing thereof, and the expected use of proceeds are forward-looking statements and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Neither the 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.
Issued and Outstanding: 65,500,304 Common Shares
WPC Resources Inc.