Business
PNG Copper Inc. Announces Closing of Second Tranche of Private Placement
Timmins, Ontario--(Newsfile Corp. - August 12, 2021) - PNG Copper Inc. (CSE: PNGC) (formerly "Golden Birch Resources Inc.") ("PNG Copper" or the "Company") is p
About this update from Loyalist Exploration Limited
[{"type":"text","content":" Timmins, Ontario--(Newsfile Corp. - August 12, 2021) - PNG Copper Inc. (CSE: PNGC) (formerly \"Golden Birch Resources Inc.\") (\"PNG Copper\" or the \"Company\") is pleased to announce that it has closed a second tranche of its private placement offering first announced in its news release of June 22, 2021. In this second tranche, the Company issued 3,333,333 units for gross proceeds of C$500,000. In connection with the closing, the Company paid a cash fee of C$47,000 and issued 333,333 non-transferable broker warrants to its agent, IBK Capital Corp. (\"IBK Capital\"). Each broker warrant is exercisable to acquire Unit at a price of $0.15 per Unit for a period of five (5) years from the closing date. Each Unit consisted of one Class A common share in the capital of the Company (\"Share\") and one Share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one additional Share at an exercise price of C$0.20 per Share, for a period of five (5) years from the date of issuance. The proceeds of the financing will be used for exploration on the Keveri Project, for its 3,000m drill program, working capital, corporate overhead and general and administrative purposes. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of closing. About PNG Copper Inc. PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. The Company's core values are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practice standards of Corporate Governance. For further information please visit the Company's website at pngcopper.ca or contact: PNG Copper Inc. Iain Martin, Director, interim CEO and PresidentTel: +1 705 288 [email protected] This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\") or any sta...