Announces $1.5 Million Dollar Private Placement
TSX-V: PCV
VANCOUVER, Oct. 11 /CNW/ - Pacific Cascade Minerals Inc. (the "Company") advises that it has entered into an arm's length agreement with Mr. Warren Robb to purchase a 100% undivided interest in two contiguous Nechako Basin, central British Columbia based mineral claims. The combined Claims measure approximately 10 square kilometers in size and are situated on the northern boundary of TTM Resources Inc.'s Chu property.
Consideration for the property is 100,000 shares of the Company and a 2% net smelter royalty. The Company has a right at any time up to and including 5 years from the commencement of production to purchase 50% of the net smelter royalty (1% NSR) for a payment of $1,000,000. Completion of the purchase of the property is subject to regulatory approval.
The Company also announces that it has reached an agreement in principle with Becher McMahon Capital Markets for a private placement of shares with their institutional clients. The agreement provides for a total of CAD $1,500,000 to be raised as follows:
1. $500,000 by the issuance 2,000,000 Units at a price of $0.25
per Unit, consisting of one common share and one share
purchase warrant exercisable at $0.35. Each full warrant
entitles the holder to purchase one common share for a period
of 12 months; and
2. $1,000,000 by the issuance of 3,333,333 Flow Through share
Units. Each Flow Through Share Unit is comprised of one Flow
Through share and one-half of one share purchase warrant.
Each full warrant entitles the holder to purchase one non
flow-through common share for $0.40 for a period of 12
months.
On behalf of the Board of Directors
"Harold Forzley"
President/CEO
Pacific Cascade Minerals Inc.
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