Business
Pampa Metals Reports on Succesful Capital Raising, Management Site Visit, & Planning of Maiden Drill Program at Block 4
VANCOUVER, BC / ACCESSWIRE / November 10, 2022 / Pampa Metals Corporation ("Pampa Metals" or the "Company") (CSE:PM) (FSE:FIRA) is pleased to announce the closi
About this update from Andina Copper Corporation.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / November 10, 2022 / Pampa Metals Corporation (\"Pampa Metals\" or the \"Company\") (CSE:PM) (FSE:FIRA) is pleased to announce the closing of the first tranche of a private placement financing totalling $600,000, previously announced in an October 5, 2022 news release. The Company is also pleased to report on a successful visit to site by PampaMetals' new President and CEO, Josephvan den Elsen, together with its plans for a maiden drill test of the Company's Block 4 project. Capital Raising - Tranche 1 The Company is pleased to announce that it has closed a private placement offering of 4,444,444 units at a price of $0.135 per unit for gross proceeds to the Company of $600,000 (the \"Initial Private Placement\"). Each unit consists of one common share and one share purchase warrant of the Company. Each warrant may be exercised to acquire a common share of the Company at an exercise price of $0.19 per share for a period of three years from the date of issuance. Incoming investors consist of Australian and Canadian industry participants, attracted to Pampa's significant land holdings, pipeline of exploration targets and, more specifically, the potential value creation offered by the imminent drilling of the flagship Block 4 project. The Company has also issued a further194,444 shares in partial settlement of outstanding director fees. Successful Site Visit Newly appointed President& CEO Josephvan den Elsen recently concluded a 1-month trip which included meeting with Canadian and Chilean stakeholders, potential long-term funding partners, and field visits to the Company's extensive land holdings. Accompanied by Pampa's VP Exploration (Tim Beale), Chairman (Adrian Manger), non-executive Director (Julian Bavin) and Consulting Qualified Person (Mario Orrego), priority was given to the review and validation of the significant body of work completed on the Block 4 Project,and finalising the design of its maiden drilling program. Maiden Drill Program The Company is soliciting quotes and finalising preparations for a maiden, 2,100 m drill program at its Block 4 project, expected to start in early January. The Buenavista target at Block 4 will be the focus of the drilling, with consideration given to testing at least one covered geophysical anomaly target to the east to investigate the potential for superg...