VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES NEWSWIRE SERVICES.

Western Pacific Trust Company (TSX VENTURE:WP) (the "Company") announces that it has closed the first tranche of its private placement (the "Offering") of Series II Preferred Shares (each, a "Share") today. The Offering of up to 79,600 Shares was announced on March 15, 2016, which news release contains the terms of the Offering and describes the special rights and restrictions attached to the Shares, including those pertaining to conversion of the Shares to common shares of the Company. In the first tranche, the Company issued 49,600 Shares for gross proceeds of $496,000. 

The Company intends to use the proceeds of the Offering to repay certain subordinated debt and for general working capital purposes.

All of the Shares issued pursuant to the first tranche of the Offering are subject to a hold period which expires August 1, 2016, and the Series II Preferred Shares may not be converted during the hold period. In addition, the Series II Preferred Shares may not be sold, transferred or otherwise disposed of without the consent of the board of directors of the Company, and the board of directors is not required to give any reason for refusing to consent to any such sale, transfer of other disposition.

The final closing of the Offering is subject to approval from the TSX Venture Exchange. 

About Western Pacific Trust Company

Western Pacific Trust Company is a non-deposit taking financial institution. The Company is licensed under the Financial Institutions Act in British Columbia, and is also registered extra-provincially in Alberta, as a non-deposit taking Trust Company. Western Pacific Trust Company has one wholly owned subsidiary: WP Private Equity Transfers Inc.

On Behalf of the Board,

WESTERN PACIFIC TRUST COMPANY

ALISON ALFER, President and CEO

This news release contains forward-looking statements and forward-looking information, which are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations. 

Neither 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.