Flow-through private placement news
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: PGM VENTURES CORPORATION
TSX VENTURE SYMBOL: PPG
DECEMBER 22, 2004 - 09:51 ET
PGM Ventures Corporation Completes First Tranche Of
Flow-Through Private Placement
TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2004) - PGM Ventures
Corporation (TSX VENTURE:PPG) - PGM Ventures Corporation ("PGM") is
pleased to announce the closing on December 17, 2004 of the first
tranche of a flow-through private placement for aggregate gross proceeds
of $350,000. This flow-through private placement is part of a larger
financing comprised of an offering of flow-through and non flow-through
shares for gross proceeds of up to $3,500,000. Pursuant to the first
tranche of the flow-through private placement, PGM issued 700,000 units
on December 17, 2004, most of which was placed with two limited
partnerships in the MineralFields Group of Toronto, at $0.50 per unit.
Each unit is comprised of one common share, to be issued as a
"flow-through share" of PGM and one-half of one common share purchase
warrant of PGM. Each common share purchase warrant entitles the
purchaser to purchase one common share that is not a "flow-through
share" at an exercise price of $0.57 at any time on or before 5:00 p.m.
(Toronto time) on the date that is 24 months from the date of issuance
of the warrant. Limited Market Dealer Inc., acting as agent for the
first tranche, received a fee of $14,000 representing 4% of the gross
proceeds of the private placement and a warrant to purchase up to 70,000
common shares of PGM. The flow-through common shares, the common share
purchase warrants and the underlying common shares issued in the first
tranche have a hold period of four months expiring on April 18, 2005.
PGM will use the gross proceeds of the flow-through private placement to
conduct further drilling and exploration on its Ontario properties.
PGM is a tier 2 junior resource company, quoted for trading on the TSX
Venture Exchange under the symbol "PPG". There are currently 39,311,749
shares issued in PGM, including the shares issued pursuant to this
private placement.
This press release includes certain "Forward-Looking Statements" within
the meaning of the US Private Securities Reform Act of 1995. Other than
statements of historical fact, all statements are "Forward-Looking
Statements" that involve such various known and unknown risks,
uncertainties and other factors. There can be no assurance that such
statements will prove accurate. Results and future events could differ
materially from those anticipated in such statements. Readers of this
press release are cautioned not to place undue reliance on these
"Forward-Looking Statements". All dollar amounts are Canadian dollars
unless otherwise noted.
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FOR FURTHER INFORMATION PLEASE CONTACT:
PGM Ventures Corporation
Jim Voisin
(519) 699-5352
www.pgm-venturescom
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information herein contained.