White Pine closes $500,000 private placement

2009-01-26 16:15 ET - News Release

Mr. John Tait reports

WHITE PINE RESOURCES INC. CLOSES PRIVATE PLACEMENT FINANCING

White Pine Resources Inc. has closed a non-brokered offering to raise gross proceeds of $500,000. Pursuant to the offering,

White Pine issued an aggregate of two million flow-through units at 25 cents per flow-through unit, each such unit consisting of one flow-through common share and one share purchase warrant of White Pine, each such whole share purchase warrant entitling the holder thereof to acquire one additional common share of White Pine (which shall not be a flow-through share) for a period of 12 months at an exercise price of 35 cents per share.

All securities issued in connection with the offering are subject to a statutory hold period expiring on May 27, 2009.

The private placement remains subject to the final approval of the TSX Venture Exchange.

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