KELOWNA, BRITISH COLUMBIA--(Marketwired - July 11, 2014) - PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU) (the "Company") is pleased to announce that it has received final exchange approval of the previously announced financing that raised $776,000. As part of the financing, the Company issued 4,850,000 common share purchase warrants with an exercise price of $0.12 per share, expiring June 24, 2016. The shares and warrants issued for the financing are subject to a hold period that expires on October 25, 2014.
As stipulated by the Exchange, the Company will only advance a portion of the proceeds of the financing as a loan to the Company's newly formed subsidiary upon approval by shareholders of the loan and the plan of arrangement to be held in mid-September, 2014.
The Company's subsidiary, Pioneer Pacific Finance Corp., is actively pursuing various opportunities within the medical marijuana industry in Colorado and Arizona.
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman & CEO
This press release contains "forward-looking information" Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause PPM's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. PPM disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.