Business
Pacific Empire Minerals Announces Closing of $275,000 Non-Brokered Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2020) - Pacific Empire Minerals Corp. (...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Minerals Announces Closing of $275,000 Non-Brokered Private Placement of UnitsVancouver, British Columbia--(Newsfile Corp. - May 21, 2020) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator, announces that the Company has closed the non-brokered private placement that the Company previously announced on May 14, 2020. The Company has issued 5,500,000 units at a price of $0.05 per unit (the \"Units\") for gross proceeds of $275,000 (the \"Offering\"). Each Unit will consist of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder to acquire one Common Share (\"Warrant Share\") at an exercise price of $0.10 per Warrant Share until 5:00 pm (Pacific Time) on the date that is 36 months from the closing of the Offering.In connection with the Offering, the Company paid finder's fees, to Haywood Securities Inc., consisting of $3,000 in cash and issued 60,000 finder's warrants (each, a \"Finder's Warrant\"). Each Finder's Warrant entitles the holder to purchase one Common Share at a price of $0.10 per Common Share for a period of 36 months from the issue date.All securities are subject to a hold period that will expire on September 22, 2020. Proceeds from the Offering will be used for general working capital purposes and for exploration on the Worldstock property.\"This financing was closed in short order which confirms to the Company the support from its shareholders. With the low cost of operations from a corporate and project standpoint the Company is positioned to commence its 2020 work campaign,\" stated Brad Peters, Pacific Empire's President & CEO. \"The coming months should bring news flow as the Company looks to advance projects and prepare for future initiatives.\"About Pacific Empire Minerals Corp.PEMC is an exploration company based in Vancouver, British Columbia, that employs a \"hybrid prospect generator\" business model and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of gold-enriched copper projects is a result of continuous generative work conducted since the Company's inception in 2012.By integrating the project generator business model with low-cost reverse circulation dr...