VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 13, 2014) - Pacific Imperial Mines Inc., a NEX listed company (the "Company")(TSX VENTURE:PPM.H) is pleased to announce that it has submitted an application to the TSX Venture Exchange to complete its reactivation and graduate to Tier 2 of the TSX Venture Exchange.
On January 23, 2014, the Company announced that it had signed a binding letter of Intent to acquire up to a 60% interest in a property of merit, the Keg Mountain Property in Utah, USA. A final Agreement is currently being negotiated with Inland Explorations Ltd., the property owner. Upon execution of the Agreement, an announcement disclosing the terms of the final Agreement will be made. A NI 43-101 technical report on the Keg Mountain Property is in preparation.
In conjunction with the Keg Mountain Property acquisition, the Company announced on January 31, 2014 and February 19, 2014, its intention to complete a private placement of 12,000,000 units. The private placement has been increased to 12,500,000 units for gross proceeds of $625,000. Each unit consists of one common share purchase warrant of the Company at a price of $0.05 per unit. One full warrant is exercisable for a period of 5 years from the date of closing into one common share of the Company at an exercise price of $0.10 per full warrant. The closing of the private placement remains subject to TSX Venture Exchange approval.
On behalf of the Board of Directors PACIFIC IMPERIAL MINES INC.
H. Leo King, President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accept responsibility for the adequacy or accuracy of this release. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.