Jun. 1, 2010 (TheNewswire.ca) --
June 1st, 2010 - Pacific Coast Nickel Corp. (OOTC:PNIKF) (TSXV:NKL) (NKL: TSX-Venture), is pleased to announce that the Company intends to complete a non-brokered flow-through private placement of 3.6 million units, at a price of $0.07 per unit ("FT Unit") for aggregate gross proceeds of $252,000. Each FT Unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of $0.10 per share, exercisable for a period of one year from the date of issuance.
The Company also announces that it intends to complete a non-brokered private placement of 2 million units, at a price of $0.05 per unit (the "Unit") for aggregate gross proceeds of $100,000. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of $0.10 per share, exercisable for a period of one year from the date of issuance.
If after the expiry of all resale restrictions, the closing price of the Company's common shares on the TSX Venture Exchange is $0.25 or greater for a period of 30 consecutive trading days, the Company may at its election provide notice of an earlier expiry of the warrants, in which case the warrants shall expire 30 days after giving such notice.
The net proceeds from the offerings are intended to be used for exploration and general working capital.
Completion of the placement is subject to the acceptance for filing of the TSX Venture Exchange.
About Pacific Coast Nickel Corp.
Pacific Coast Nickel Corp is a Canadian based nickel and copper base mineral exploration company actively exploring properties in Canada and Uruguay. The Company has two properties at present and includes the Burwash property which is adjacent to the Wellgreen Mine, also a former nickel and copper producer. The Burwash property is 8 km from the Alaska Highway near Burwash, Yukon Territory. The Company has also established a wholly owned subsidiary in Uruguay where we have identified a number of prospective targets in addition the Company has expanded its scope to include precious metals and is currently reviewing a number of opportunities. For more information please visit the company website at www.pacificcoastnickel.com .
For further information please contact
Pacific Coast Nickel
Jim Walchuck
President, CEO and Director
(604) 688-8913
E: info@pacificcoastnickel.com
W: www.pacificcoastnickel.com
Robert Riley
Investor Relations Consultant
(604) 629-7994
E: info@tribecacap.com
W: www.tribecacap.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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