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Pacific Imperial Mines Inc V.PPM

Alternate Symbol(s):  PCIMF

Pacific Imperial Mines Inc. is a Canada-based mineral exploration company. The Company is engaged in the acquisition, exploration, evaluation and development of mineral properties. The Company’s projects include Brownell Lake, Babine, PAM, Eagle Mountain, Trek 31 and Tulameen-Granite Creek. The Eagle Mountain Lithium property consists of three mineral dispositions covering approximately 1,863.3 hectares located approximately 17 kilometers (km) northwest of Deschambault Lake, Saskatchewan. The property is subject to a 2% net smelter return royalty owing to Eagle Royalties Ltd. Babine Property consists of three mineral claims covering 2,226 hectares located 1.5 km north of the Granisle Mine, British Columbia. The PAM Property consists of seven mineral claims covering 2,403 hectares located 25 km northeast of the Huckleberry Cu-Mo Mine, British Columbia. The Eagle Mountain Lithium prospect is located in Inyo County, California, within 15 km of the Nevada border.


TSXV:PPM - Post by User

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Post by Wishbone475623on Mar 28, 2018 3:20pm
76 Views
Post# 27797280

PACIFIC IMPERIAL MINES INC. CLOSES PRIVATE PLACEMENT

PACIFIC IMPERIAL MINES INC. CLOSES PRIVATE PLACEMENT

2018-03-28 15:19 ET - News Release

Mr. Chris McLeod reports

Further to Pacific Imperial Mines Inc.'s news release dated March 14, 2018, wherein the company increased the negotiated non-brokered private placement for up to 11 million units at a price of five cents per unit for gross proceeds of up to $550,000 the company has closed for the aggregate gross proceeds of $550,000.

Agents for the transaction included Canaccord Genuity Corp. and Leede, Jones Gable (collectively, the "Agents"). In consideration for the services of the Agents in connection with the private placement the Company paid the Agents a cash commission of $28,800 and 576,000 finders warrants.

Each Unit consists of one common share in the capital of the Company and one whole transferable share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one common share at a price of CAD$0.075 per share at any time prior to March 26, 2020. In the event that the common shares of the Company trade on the TSX Venture Exchange at a closing price of greater than CAD$0.15 per common share for a period of 20 consecutive trading days at any time after four months and one day after the closing date of the private placement, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof by way of a news release and in such case the Warrants will expire on the 30th day after the date of dissemination of the news release.

All securities issued pursuant to the private placement are subject to a four-month hold period and may not be traded until July 27, 2018.

Proceeds of the private placement will be used to maintain and preserve the Company's existing operations, activities, and assets, and for general working capital purposes.

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