Great Pacific Closes Tranche One of Private Placement

VANCOUVER, Dec. 21 /CNW/ - Great Pacific International Inc. ("GPI" or the "Corporation") is pleased to announce that it has closed the first tranche of a private placement of common shares and warrants as announced on December 1, 2010 (available at www.sedar.com).

The company has received a total of $909,300 for subscriptions of 10,697,647 units at a price of $0.085 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring December 21, 2012. A total of 62 subscribers, including one insider, participated in tranche one of the private placement.

The Corporation will use the proceeds for exploration and development activities on its Alberta oil and gas properties, and on other properties that it may acquire interests in. A portion of the private placement proceeds will be reserved for working capital purposes.

In Tranche one the Company will pay finders' fees to four dealers (All Group Financial Services, Union Securities Ltd., Macquarie Private Wealth Inc. and Meadowbank Asset Management Inc.) totaling $78,613.50 in cash and will issue 924,865 agent warrants. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for two years expiring December 21, 2012.

The securities issued in this placement are subject to a hold period expiring April 22, 2011.

The Company expects to close the final tranche of this private placement for up to $365,700 for a total of 4,302,353 units prior to December 31, 2010.

Final closing of tranche one of this private placement is subject to receipt of final approval from the TSX Venture Exchange.

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 press release, which has been prepared by management.

    
                        Trading on TSX.V - Symbol GPI
    

For further information: Thal S. Poonian, President & CEO at 604-940-9190, toll free 1-877-942-8765 or by email [email protected]