PNN:CC - Corrected: Pambili Closes C$105000 Private Placement
(TheNewswire)
CALGARY, Canada (April 29, 2024) - TheNewswire - PambiliNatural Resources Corporation (" Pambili " or the" Corporation ") (TSX-V: PNN) is pleased to announce that it has closed its non-brokered private placement(the " Offering "), originally announced on April11, 2024, through the issuance of 2,100,000 units (each, a" Unit ") at a price of $0.05 per Unit, generating aggregategross proceeds of $105,000.00. Each Unit comprises one common share in Pambili (“ CommonShare ”) and one warrant (“ Warrant ”). Each Warrant willentitle the holder thereof to acquire one Common Share (a“ Warrant Share ”) at aprice of $0. 10 per WarrantShare for a period of 12 months from the Closing Date.
The Corporation has paid a Finder’s Fees totaling$2,000.00 through the issuance of 40,000 Common Shares and 40,000Finder’s Warrants. Each Finder’s Warrant entitles the Finder topurchase one Common Share at a price of $0.10 for a period of 36months from the date of issuance.
The Offering is subject to all necessary regulatoryapprovals including acceptance from the TSX Venture Exchange (the“Exchange”). All Units issued in connection with the Offering willbe subject to a four-month and one day hold period from the closingdate under applicable Canadian securities laws (the “ Hold Period ”), inaddition to such other restrictions as may apply under applicablesecurities laws of jurisdictions outside Canada.
If, on any ten (10) consecutive trading days occurringafter the Hold Period has elapsed, the closing sales price of theCommon Shares (or the closing bid, if no sales were reported on atrading day) as quoted on the Exchange is greater than $0.15 per CommonShare, the Corporation may provide written notice to the Finder by theissuance of a news release advising that the expiry date of theFinder's Warrants will be accelerated to the 10th day after the dateof such notice.
The participation of certain directors or officers ofthe Corporation in the Offering will constitute a "related partytransaction" within the meaning of Multilateral Instrument 61-101- Protection of MinoritySecurity Holders in Special Transactions (" MI61-101 ") and the policies of the TSXV. Forany such participation, the Corporation will be relying upon theexemptions from the formal valuation and minority shareholder approvalrequirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively,of MI 61-101 on the basis that the Corporation is not listed on aspecified stock exchange and, at the time the Offering, is agreed to,neither the fair market value of the subject matter of, nor the fairmarket value of the consideration for, the transaction insofar as itinvolves an interested party (within the meaning of MI 61-101) in theOffering, will exceed 25 per cent of the Corporation’s marketcapitalization calculated in accordance with
MI 61-101.
The proceeds of the Offering will be used by theCorporation for general working capital.
CEO Jon Harris commented: “We are pleased to welcome several newinvestors to Pambili and look forward to their continued support as weimplement our strategy of consolidating underexplored andunderdeveloped gold projects in Zimbabwe.”
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the
TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the GoldenValley mine in Zimbabwe. These forward-looking statements are subjectto numerous risks and uncertainties, certain of which are beyond thecontrol of the Corporation, including, but not limited to the impactof general economic conditions, industry conditions, currencyfluctuations, and dependence upon regulatory approvals. TheCorporation does not assume any obligation to update theforward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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