Portex Minerals Inc STACF

PAX financing

[b3grooves]

Pacifica Resources amends financing to $12-million Pacifica Resources Ltd (TSX-V:PAX) Shares Issued 57,182,240 Last Close 3/8/2006 $0.80 Wednesday March 08 2006 - News Release Dr. Harlan Meade reports PACIFICA ANNOUNCES TERMS OF $12 MILLION UNIT AND FLOW-THROUGH SHARE OFFERING Pacifica Resources Ltd. has priced a $12-million brokered private placement offering of units and flow-through common shares as previously announced in Stockwatch Feb. 27, 2006. The offering consists of $5-million in flow-through common shares at a price of 70 cents per share and $7-million in units priced at 70 cents per unit. Each unit consists of one Pacifica common share and one-quarter of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one common share of Pacifica up to 12 months from closing at a price of $1 per share and at a price of $1.10 per share for a second 12-month period. Subject to stock exchange approvals, the offering is scheduled to close March 30, 2006. Agents for the offering are Paradigm Capital Inc., Dundee Securities Corp. and Pacific International Securities Inc. The agents will receive a cash commission equal to 6 per cent of the gross proceeds of the offering. The commission will be payable at closing. In addition, Pacifica will grant the agents compensation options entitling the agents, for a period of 24 months from closing, to acquire the number of units of Pacifica, at the issue price for the units under the offering, that is equal to 7 per cent of the number of units and flow-through shares issued in the offering. Proceeds of the financing will be added to the approximately $2.4-million in current working capital and provide funds for a minimum $8-million 2006 Selwyn project exploration and development program. The Selwyn project consists of Pacifica's wholly owned claims and mineral claims being acquired from the Howard's Pass joint venture that together cover the 40-kilometre mineralized length of the Howard's Pass district. The proposed minimum $8-million exploration and development program consists of definition drilling to improve confidence in the currently defined and potential resources to advance engineering and permitting work that commenced this past fall. A key part of the 2006 program will be extensive exploration drilling within the basin to better define the full resource potential. The previously reported resources and potential (see news in Stockwatch Feb. 9, 2006) totalling 368 million tonnes represents less than 15 per cent of the distribution of the active member within the basin. All drill holes that have intersected the active member over a distance of more than 30 kilometres host significant zinc-lead mineralization. © 2006 Canjex Publishing Ltd.