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Pacifica Resources Announces $2.0 Million Financing for Howard's Pass in Eastern Yukon
Pacifica Resources Announces $2.0 Million Financing for Howard's Pass in Eastern Yukon.
About this update from Edm Resources Inc
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: PAX.TSX-V\n\nVANCOUVER, Aug. 25 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) is pleased\nto announce that it has entered into an agreement for a $2 million financing\nto qualified purchasers by way of a best efforts brokered private placement\nthrough a syndicate of Agents consisting of Paradigm Capital Inc., Dundee\nSecurities Corporation and First Associates Investments Ltd. In addition, the\nAgents will have an over allotment option for an additional $2 million of flow\nthrough shares.\nThe minimum financing will consist of $1 million units and $1 million\nflow-through common shares. Each unit will consist of one common share and one\nhalf of a common share purchase warrant exercisable for a period of 24 months\nfrom closing. The securities will be sold by private placement in the\nprovinces of Alberta, British Columbia, Ontario and Quebec, and in such\njurisdictions outside of Canada, including the United States, as the Company\nand the Agents mutually agree. The pricing of the offering will be determined\nin the context of the market with closing scheduled for September 6, 2005. The\nAgents will receive a 6% cash commission and Agents warrants for 10% of all\nflow-through common shares and units sold.\nProceeds of the financing will be added to the approximately $2.8 million\nin current working capital and provide for an extension of the on-going\ndrilling program at Howard's Pass. This $3.5 million exploration program,\nwhich is approximately 60% complete, is focused on expanding the open-pittable\nresources in the Anniv and XY deposits, identifying other areas of surface\nmineable mineralization and testing the favourable strata for extensions of\nthe \"Active Member\" that hosts zinc-lead mineralization over a strike length\nexceeding 30 kilometres (see May 2 and May 6, 2005 news releases).\n\nPacifica is a junior resource company focused on exploration for base\nmetals in the Americas. Its core focus is the exploration of its properties in\nthe Howard's Pass District, Yukon that hosts large tonnages of zinc-lead\nmineralization. The known deposits have the potential for large scale\nproduction of zinc and lead, at a time when World zinc mine supply is in\ndeficit and there are few new mines under development.\n\nThis press release may contain forward-looking statements based on\nassumptions and ...