Business
Pacific Empire Minerals Closes Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2019) - Pacific Empire Minerals Corp. (...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Minerals Closes Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 22, 2019) - 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 April 24, 2019. The Company raised an aggregate of $846,099.99, of which $747,099.99 was raised on the issuance of 10,672,857 units (\"Units\") and $99,000 was raised on the issuance of 1,100,000 flow-through shares (\"Flow-Through Shares\"). Each Unit was issued at a price per Unit of $0.07 and is comprised of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 36 months at an exercise price of $0.14. Each Flow-Through Share was issued at a price per share of $0.09. The offering size of the Units was increased to accommodate demand.Pursuant to the Offering, Stichting Depositary Plethora Precious Metals Fund (\"Plethora\") subscribed for 2,000,000 Units. Plethora now owns or controls an aggregate of 4,000,000 Common Shares on an undiluted basis and 7,000,000 Common Shares on a diluted basis, representing approximately 9.35% and 13.09% of the Company's issued and outstanding Common Shares on an undiluted and diluted basis, respectively. The Company paid an aggregate $23,385 in cash commissions, and issued an aggregate 349,500 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 price of $0.14 for a period of 36 months following the date of issuance.The Common Shares, and any Common Shares issued on the exercise of the warrants or Finders' Warrants, are subject to a restricted resale period under Canadian securities law until September 22, 2019.Proceeds of the Offering will be used to fund the Company's planned exploration and drilling programs on its Babine Copper-Gold Porphyry projects and for general working capital. The 2019 exploration programs on the Company's Babine Copper-Gold Porphyry projects will consist of preliminary geochemical and seismic surveys followed by reverse circulation drilli...