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Pampa Metals Launches C$3 Million Non-Brokered Private Placement to Fund Drill Testing of Buenavista Target and Block 4 Project
VANCOUVER, BC / ACCESSWIRE / January 19, 2023 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM) (FSE:FIRA) (OTCQB:PMMCF) is pleased to report comp
About this update from Andina Copper Corporation.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / January 19, 2023 / Pampa Metals Corp. (\"Pampa Metals\" or the \"Company\") (CSE:PM) (FSE:FIRA) (OTCQB:PMMCF) is pleased to report completion of its review and interpretation of the Block 4 Project and the Buenavista Target, and to announce a Non-Brokered Private Placement. Summarised key findings - Block 4 Block 4 is the Company's priority project, with characteristics indicative of a large, fertile porphyry coppermolybdenum system, located along the world's preeminent porphyry copper belt in northern Chile; Soil geochemical data is consistent with surface geology, induced polarisation (IP) geophysics, and magnetometry, and other complementary data including 3D modeling and age dating; Anomalous soil geochemical values of Mo, Cu and Au in a heavily supergene leached desert environment, coincide with mapped geology, hydrothermal alteration, and geophysical anomalies; The combination of several geological, geochemical, and geophysical anomalies on the Block 4 property is suggestive of a potential \"cluster\" of porphyry copper-molybdenum systems, a characteristic typical of some major porphyry copper districts in Chile and worldwide; and The Buenavista Target footprint is ~1.5 km E-W by 1 km N-S along a significant geological structure. Non-Brokered Private Placement The Company is also pleased to launch a non-brokered private placement offering (the \"Offering\") of up to 20,000,000 units (\"Units\") at a price of $0.15 per Unit for gross proceeds of up to $3,000,000. Each Unit will consist of one fully paid common share one purchase warrant (a \"Warrant\"). Each Warrant shall entitle the holder to acquire an additional common share at a price of $0.21 for a period of 3 years after the closing of the Offering. In connection with the Offering, the Company will pay finder's fees of up to 7% in cash and 7% in finder's warrants from the sale of Units to third parties sourced by finders. Finder's warrants will be on the same terms as those issued under the Offering and entitle the holder to purchase one common share of the Company at a price of $0.21 per share for a period of 3 years from the closing date. Proceeds from the Offering will be used primarily to drill test the Buenavista target and the Block 4 Project more broadly, where an initial ~2,100m diamond drill program has been designed to test coin...