Business
Pacific Empire Closes Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2020) - Pacific Empire Minerals Corp. ...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Closes Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 24, 2020) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator focused in British Columbia, announces the closing of its non-brokered private placement financing (the \"Offering\") previously announced on July 9, 2020. The Company raised an aggregate of $1,095,558.06, of which $800,000 was raised on the issuance of 16,000,000 units (\"Units\") and $295,558.06 was raised on the issuance of 4,222,258 flow-through shares (\"Flow-Through Shares\"). Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (\"Common Share\") and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one Common Share for a period of 24 months at an exercise price of $0.10. Each Flow-Through Share was issued at a price per unit of $0.07. Pursuant to the Offering, Stichting Depositary Plethora Precious Metals Fund (\"Plethora\") subscribed for 2,800,000 Units. Plethora now owns or controls an aggregate of 8,300,000 Common Shares on an undiluted basis and 13,700,000 Common Shares on a diluted basis, representing approximately 12.07% and 18.47% of the Company's issued and outstanding Common Shares on an undiluted and diluted basis, respectively. Certain officers and directors of the Company participated in the Offering, which constitutes a \"related party transaction\" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"Ml 61-101\"). Such participation is exempt from the valuation and minority approval requirements of MI 61-101 by virtue of the fact that the Company is not listed on a specified market set out in section 5.5(b) of MI 61-101 and the value of Units subscribed for by such officers and directors is less than $2,500,000 in accordance with the requirements of section 5.7(b) of MI 61-101.The Company paid an aggregate $32,976.30 in cash commissions, and issued an aggregate 617,490 finders' warrants (the \"Finders' Warrants\") in connection with the Offering. Each Finders' Warrant entitles the holder to acquire one additional common share at an exercise pric...