What do you think of this???Press release from CNW Group
Pacific North West Capital Corp. Closes $3,000,000 Non-Brokered Private Placement
Tuesday, March 15, 2011
TSX: PFN OTCQX: PAWEF Frankfurt: P7J
VANCOUVER, March 15 /CNW/ - Pacific North West Capital Corp. (TSX: PFN) (OTCQX: PAWEF) (FSE: P7J) (the "Company") is pleased to announce that it has closed anon-brokered private placement, announced in its February 21, 2011 newsrelease, for gross proceeds of $3,000,000.
The Company placed 9,248,333 Non-Flow-Through Units at
.30 per unit,with each unit consisting of one fully paid and non-assessable commonshare in the capital of the Company and one-half of onenon-transferable share purchase warrant, each whole warrant entitlingthe holder thereof to purchase one additional common share of theCompany for one year at an exercise price of
.35.
A total of 644,286 Flow-Through Units ("FT Unit") at
.35 cents perunit were also placed. Each FT Unit consists of one fully paid andnon-assessable common share in the capital of the Company and one-halfof one non-transferable share purchase warrant, each whole warrantentitling the holder thereof to purchase one additionalnon-flow-through common share of the Company at
.45 for a period ofone year.
All common shares issued in connection with the units are subject toregulatory hold periods expiring July 16, 2011. In connection with theclosing of the financing, the Company has paid finder's fees of $24,775in cash. The foregoing is subject to final regulatory approval.
The proceeds from the private placement will be used for the furtherdevelopment of the River Valley PGM Project located in the Sudburyregion of Ontario (see news release dated January 31, 2011); theDestiny Gold Project, located approximately 75 km north of Val d'Or inthe Abitibi-Témiscamingue region, Québec (see news release datedJanuary 24, 2011); and the Rock and Roll project located in the LiardMining District approximately 9 km west of the Bronson airstrip andexploration camp in northern British Columbia (see press release datedOctober 27, 2010).
The project hosts precious metals rich, volcanogenic massive sulphidemineralization in a volcano-sedimentary host rock package. Themineralization shows similarities to the gold and silver richmineralization of Barrick Gold's past producing Eskay Creek mine.
Part of the proceeds from the financing will also be used for theadvancement of the additional projects that the Company currently holdsin its portfolio situated in Québec, Ontario, Saskatchewan and Alaska,and for the acquisition of additional platinum group metals, preciousmetals and base metals projects in Canada, the United States andAfrica.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; FSE: P7J) is amineral exploration company whose corporate philosophy is to be aproject generator, explorer and project operator with the objective ofoption / joint venturing its projects through to production. The RiverValley PGM project is one of North America's newest and largest primaryplatinum group metals (PGM) deposits. The project located in theSudbury region of Ontario.
On March 1, 2011, PFN announced the 2011 exploration program for its100% owned River Valley PGM Project located near Sudbury, Ontario.Work to date at River Valley suggest that the best potential foreconomic accumulations of PGM-Cu-Ni sulphide mineralization is withinthe Breccia Zone. This Zone includes the main mineralized breccia orMain Zone. The Main Zone occurs within about 20 m of the intrusivecontact with Archean gneisses. This contact zone extends for over 9 km of prospective strike length,holds the current defined resource and is the main target of theCompany's renewed exploration efforts. Drilling and geophysical surveysare planned to commence in the spring 2011.
On January 2011, PFN and Anglo Platinum were able to come to termswhereby PFN could acquire Anglo Platinum's 50% stake in the RiverValley JV giving PFN 100% of the River Valley PGM project by offering12% of its current outstanding shares to Anglo Platinum. This wouldenable PFN to seek additional funding for the project while AngloPlatinum could benefit from any future success of the project throughits share ownership in PFN.
On January 31, 2011, Pacific North West Capital successfully negotiatedthe 100% acquisition of the River Valley PGM Project from AngloPlatinum Limited, making Anglo Platinum the largest shareholder of PFN holdingapproximately 12% of the Company (see news release dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101 mineral resourceestimate on the Destiny Gold Project which is situated 75 km nearVal-d'Or, Québec (see news release dated January 24, 2011). The DestinyProject is under option from Alto Ventures Ltd. Under the terms of theoption agreement, PFN can earn a 60% interest in the property over afour year period by completing $3.5 million in explorationexpenditures, paying $200,000 and providing a total of 250,000 PFNshares to Alto. The Company is also advancing a polymetallic project inthe Iskut River region of British Columbia. PFN is also a significantshareholder of Fire River Gold Corp (FAU:TSX.V) which company is developing the Nixon Fork Gold Mine in Alaska, which is slated for production in summer of 2011.
Pacific North West Capital Corp. is well funded with an experiencedManagement team and the ability to take advantage of its growing assetsbased in Platinum Group Metals, gold and base metals. To that end, theCompany is in the process of adding key technical and financial peopleto our management, advisory team and our board of directors. PFN hasapproximately $9.1 million in working capital and securities.