Aug. 3, 2010 (TheNewswire.ca) --
Vancouver B.C. August 3, 2010: Pacific Coast Nickel (OOTC:PNIKF) (TSXV:NKL) Corp. (NKL: TSX-V)(the "Company") is pleased to announce a non-brokered private placement of up to $275,792.10 (the "Financing") through the sale of up to 5,090,000 flow through units (the "FT Units") at a price of $0.05 per FT Unit, of which 5,000,000 FT Units shall be subscribed for by the MineralFields Group and the sale of 425,842 flow through shares at a price of $0.05 per flow through share. The funds raised are to be utilized to further exploration work on the Company's Burwash project in the Yukon Territory. The Burwash project is located adjacent to the Wellgreen Mine, a former nickel and copper producer which is being explored by Northern Platinum Ltd. (TSXV:NTH)
"We are very pleased to be entering into this relationship with MineralFields Group", said James Walchuck, CEO. "This is an important milestone in the growth of the Company and we look forward to working with the MineralFields Group as we continue to develop the Burwash project".
In connection with the Financing, the Company will issue to subscribers, up to 5,090,000 units of the Company at a price of $0.05 per unit and 425,842 flow through shares at a price of $0.05 per flow through share. Each unit will be comprised of one (1) flow-through common share of the Company and one-half (1/2) of a share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one (1) non flow-through common share of the Company for a period of two years from the closing of the Financing, at a price of $0.10 per share.
For arranging the participation of the MineralFields group in the Financing, Limited Market Dealer Inc. will be paid a cash commission for the portion of the financing subscribed for by companies affiliated with MineralFields equal to 4% of the gross proceeds and will receive options entitling it to purchase 500,000 units of the Company. Each unit issuable to Limited Market Dealer Inc. will be exercisable for a period of 2 years at a price of $0.05 per unit and will be comprised on one (1) non flow-through common share of the Company and one-half (1/2) of a warrant. Each whole warrant will be exercisable on the same terms as the warrants to be issued to subscribers of the Financing.
The Financing is subject to regulatory approval, including the approval of the TSX Venture Exchange.
About Pacific Coast Nickel
Pacific Coast Nickel Corp is a Canadian based nickel and copper base mineral exploration company actively exploring properties in Canada and Uruguay. For more information please visit the company website at www.pacificcoastnickel.com.
About Mineralfields Group
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products (NYSE:HZK) and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.
On behalf of the Board of Directors
Jim Walchuck
Chief Executive Officer,
Pacific Coast Nickel Corp.
For more information, please contact:
Pacific Coast Nickel Corp. Tribeca Capital Partners Inc.
Jim Walchuck Robert Riley
President, CEO and Director Investor Relations Consultant
(604) 688-8913 (604) 629-7994
E: info@pacificcoastnickel.com E: info@tribecacap.com
W: www.pacificcoastnickel.com W: www.tribecacap.com
The TSX Venture Exchange does not accept 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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