Paget Minerals Completes Financing
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/04/16 -- Paget Minerals Corp. ("Paget") (TSX VENTURE: PGS) is pleased to announce that the $100,000 financing announced on November 16, 2015 has been increased to $150,000 and is fully subscribed. The financing includes $47,500 from Pacific Opportunity Capital Ltd. ("POC"), a private company in which Mark T. Brown, CPA, CA, a director of the Company, is the President.
The financing is by way of a private placement of subscription receipts at a price of $0.05 each. The Subscription Receipts will be automatically convertible into one post-Consolidation common share and one post-Consolidation common share purchase warrant. Each warrant will allow the holder to buy one post-Consolidation common share at a price of $0.10 for a period of 3 years. A special meeting of its shareholders will be held on January 19, 2016 to approve the proposed consolidation (the "Consolidation") of the Company's fully paid and issued common shares on a ratio of one (1) post-Consolidation common share for every fifteen (15) pre-Consolidation common shares.
The release of the funds from the financing is subject to the completion of the share consolidation.
The financing is fully subscribed and will close shortly, before the Consolidation is complete. The 4 month hold period will also commence upon the date that the private placement closes. The proceeds from the financing are being held in escrow and will be released upon the approval of the share consolidation by the shareholders of Paget. The gross proceeds of the private placement will be used for the Company's working capital, general corporate expenses and to undertake generating new projects.
With the increase in the financing, it will now consist of 3,000,000 Subscription Receipts. A commission of 5% cash and 7% finder's options with each finder's option exercisable into a unit at a price of $0.05 for a period of 3 years will be paid to certain parties. Each unit consists of one post-Consolidation common share and a one post-Consolidation common share purchase warrant exercisable at a price of $0.10 for a period of 3 years. After the Consolidation is complete, the Company will have approximately 9.1 million shares outstanding.
Paget will focus on gold, silver and copper opportunities in mining-friendly, stable jurisdictions of the Americas Cordillera and Canada. Ore grade will be a prime determinant in acquisitions ranging from early-stage exploration to initial resource stage.
About Paget Minerals Corp.
Paget Minerals Corp. is a publicly traded company focused on mineral exploration and as a prospect generator continues to identify and acquire target properties in Canada and the Americas Cordillera.
On behalf of the Board
David Volkert, President and Chief Executive Officer, Paget Minerals Corp.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
Contacts:
Paget Minerals Corp.
David Volkert
President and CEO
(604) 687-3520
(888) 889-4874 (FAX)
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Datum: 04.01.2016 - 18:44 Uhr
Sprache: Deutsch
News-ID 442214
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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