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Pan Pacific Metal Mining Corporation announces acquisition of additional common shares of Selwyn Resources Ltd.
Pan Pacific Metal Mining Corporation announces acquisition of additional common shares of Selwyn ...
About this update from Edm Resources Inc
[{"type":"text","content":"\n\n\n\nSep. 30, 2009 (Canada NewsWire Group) -- VANCOUVER, Sept. 30 /CNW/ -- On September 30, 2009, Pan-Pacific Metal Mining Corporation (\"PPMMC\") purchased for its own account an additional 29,400,000 common shares (the \"Shares\") of Selwyn Resources Ltd. (\"Selwyn\"; trading symbol \"SWN\" on the TSX Venture Exchange) at a price per Share of $0.12. The acquisition took place pursuant to a subscription agreement dated September 15, 2009. Together with the Shares purchased on June 3, 2009 and July 6, 2009, PPMMC now holds 59,400,000 Shares and 15,000,000 warrants to purchase Shares (the \"Warrants\"). If each of the Warrants were exercised today, PPMMC would hold approximately 23.55% of the issued and outstanding Shares. The acquisition of Shares by PPMMC was made on a prospectus-exempt, private placement basis, in reliance on the \"minimum amount\" exemption in Section 2.10 of National Instrument 45-106 - Prospectus and Registration Exemptions of the Canadian Securities Administrators.In connection with the transaction, Selwyn, Korea Zinc Co., Ltd. (\"Korea Zinc\"), the holder of all the issued and outstanding securities of PPMMC, and PPMMC amended the terms of the shareholder agreement dated June 3, 2009 between Selwyn, Korea Zinc and PPMMC, providing PPMMC with a pre-emptive right to participate in all future issuances by Selwyn of equity securities.\n\n\n\n","length":1495,"tagName":"div"}]