Aug. 19, 2010 (TheNewswire.ca) --
Vancouver, British Columbia - Pacific Cascade Minerals Inc. (TSXV:PCV) (the "Company") announces that it proposes to settle $125,000 in debt by the issuance of common shares at a deemed price of $0.05 per share for a total of 2,500,000 common shares. Of the total amount of debt to be settled, $60,000 is owed to an insider of the Company and $50,000 is owed to a company controlled by insiders of the Company.
The proposed debt settlement is subject to the approval of the TSX Venture Exchange.
The Company also announces that it has arranged a non-brokered private placement of 7,000,000 Units of securities. The Units are being placed at a price of $0.05 per unit, for gross proceeds of $350,000.
Each Unit under the private placement consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.10 within 18 months of closing. The placement is subject to regulatory approval.
The proceeds of the private placement will be used for working capital.
Finders' fees are payable on a portion of the offering.
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ON BEHALF OF THE BOARD OF DIRECTORS,
Harold Forzley, President and CEOPacific Cascade Minerals Inc.
For more information contact Harold Forzley, President and CEO, at:
Telephone: (604) 685-5851Facsimile: (604) 685-7349
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this news release.
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