Pampa Metals Closes Non-Brokered Private Placement

About this update from Andina Copper Corporation.

[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / September 11, 2023 / Pampa Metals Corp. (\"Pampa Metals\" or the \"Company\") (CSE:PM / FSE:FIRA / OTCQX®:PMMCF) is pleased to announce that it has issued 9,000,000 post-consolidated units (\"Units\") at a price of $0.05 per Unit under the Non-Brokered Private Placement offering (the \"Offering\") detailed in an August 10, 2023 news release for gross proceeds of $450,000. Each Unit consists of one fully paid common share and one purchase warrant entitling the holder to acquire an additional common share at a price of $0.075 for a period of 3 years after the closing of the Offering. In connection with the Offering, the Company paid total cash commissions of $5,950, issued 404,600 finder's warrants and 285,600 finder's shares. Each finder's warrant is exercisable into a common share of the Company at an exercise price of $0.075 for a period of 3 years from the date of closing of the Offering. Proceeds from the Offering will be primarily used to assess, and potentially acquire, advanced stage copper project(s) in The Americas, where the application of the Company's technical and commercial expertise in exploration, resource delineation and feasibility studies can be applied to creating value for shareholders. High quality copper projects in other jurisdictions which meet our criteria will be assessed on an opportunistic basis. Specifically, the Company is seeking to acquire a project with the following characteristics: Historic ore grade interval(s); Opportunity to quickly establish a meaningful initial Mineral Resource Estimate; Conceptual copper production profile of +30-50,000 tpa; and Conceptual capex of <$500m. A small number of projects with the potential to meet the above criteria are in the early stages of review. One director of the Company participated in the Offering in the amount of $45,000. The transaction with the director, who is an insider of the Company, constitutes a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions under section 5.5(a) and section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the common shares issued to the related party and the considerat...

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