Press Release
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: PGM Ventures Corporation
TSX VENTURE SYMBOL: PPG
August 22, 2005
PGM Ventures Corporation: Press Release
TORONTO, ONTARIO--(CCNMatthews - Aug. 22, 2005) - PGM Ventures Corporation (TSX
VENTURE:PPG) - PGM Ventures Corporation ("PGM") announces that it has
completed, pursuant to a share purchase agreement dated August 12, 2005 (the
"Share Purchase Agreement"), the sale to Michael Newbury (the "Purchaser") of
10,000,000 common shares (the "Purchased Shares") in the capital of Simberi
Gold Corporation (the "Corporation") representing 10.6% of the issued and
outstanding common shares of the Corporation. The Purchaser acquired the common
shares at a price of $0.04 per Purchased Share or an aggregate purchase price
of $400,000. The Purchaser acquired the Purchased Shares on behalf of himself
and four other persons.
Under the Share Purchase Agreement, PGM has also agreed to sell to Porphyry
Inc., a private Ontario corporation controlled by the Purchaser, and Porphyry
has agreed to purchase from PGM, an additional 30,000,000 common shares (the
"Additional Shares") of the Corporation at a price, in the case of 12,000,000
of the Additional Shares, of $0.045 per share or an aggregate purchase price of
$540,000 and, in the case of the other 18,000,000 Additional Shares, of $0.049
per share or an aggregate purchase price of $882,000. Porphyry will acquire the
Additional Shares as such shares are released from escrow with all of the
Additional Shares expected to be released from escrow by April 14, 2007. The
Additional Shares represent 31.8% of the issued and outstanding common shares
of the Corporation. Until the sale of all of the Additional Shares is
completed, PGM has agreed to exercise all voting rights attaching to the
Additional Shares in accordance with the written direction of Porphyry.
After the sale of the Purchased Shares, PGM owns or controls an aggregate of
30,000,000 common shares of the Corporation representing 31.8% of the
outstanding common shares of the Corporation. Upon completion of the sale of
the Additional Shares, PGM will no longer own any shares of the Corporation.
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
Peter Miller
(416) 815-8666
OR
PGM Ventures Corporation
Norman Brewster
(416) 815-8666
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information herein contained.
INDUSTRY: MNG - Mining
SUBJECT: STK - STOCK/OTHER MARKET NEWS
FOR: PGM Ventures Corporation
TSX VENTURE SYMBOL: PPG