Aug. 12, 2010 (TheNewswire.ca) --
Vancouver B.C. August 12, 2010: Pacific Coast Nickel (OOTC:PNIKF) (TSXV:NKL) Corp. (NKL: TSX-V)(the "Company") is pleased to announce the close of the first tranche of its non-brokered private placement previously announced on August 3, 2010, which has resulted in initial gross proceeds to the Company of $250,000 (the "Offering").
The first tranche of the Offering consisted of 5,000,000 flow through units (the "FT Units") at a price of $0.05 per FT Unit, all of which were subscribed for by the MineralFields Group.
The FT Units consisted of one flow-through common share of the Company and one-half of one common share purchase warrant. Each whole warrant is exercisable for one common share of the Company at a price of $0.10 per share until August 9, 2012.
For arranging the participation of the MineralFields group in the Financing, Limited Market Dealer Inc. was paid a cash commission of $10,000 in relation to the portion of the Offering subscribed for by companies affiliated with MineralFields, being 4% of the gross proceeds of such subscription, and received options entitling it to purchase 500,000 units of the Company, representing 10% of the FT Units placed. Each unit issuable to Limited Market Dealer Inc. is exercisable for a period of 24 months at a price of $0.05 per unit comprised of 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 issued to subscribers of the Offering. The Company also paid to Limited Market Dealer Inc. a due diligence fee of $12,500 in cash, representing 5% of the gross proceeds of the Offering and 50,000 shares, representing 1% of the FT Units placed.
All securities issued pursuant to the Offering are subject to a four-month hold period expiring on December 10, 2010.
The funds raised will be utilized to further exploration work on the Company's Burwash project in the Yukon Territory.
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.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
