PNN:CC - Pambili Announces C$100000 Private Placement
(TheNewswire)
CALGARY, Canada – TheNewswire - April 11, 2024 —Pambili Natural Resources Corporation (" Pambili " or the" Corporation ") (TSXV:PNN) is pleased to announce that it is conducting a non-brokered private placementof up to 2 million Units for proceeds of C$100,000 (the“ Offering ”). Each Unit is offered at $0.05 and comprises one common share in Pambili (“ Common Share ”) and one warrant(“ Warrant ”). EachWarrant will entitle 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.
All Units issued under the Offering will be subject toall necessary regulatory approvals, including acceptance from the TSXVenture Exchange (“ TSXV ”), and all securities issued under theOffering will be subject to a four-month hold period from the closingdate of the Offering, under applicable Canadian securities laws.
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: “Although the Offering is backed byinsiders, there is strong support from new international investors whohave been following the Pambili story with interest since ourpreviously announced acquisition of the Golden Valley mine inZimbabwe. Their participation in the Offering is an endorsement of ourapproach to provide attractive shareholder returns through theconsolidation of underexplored and underdeveloped gold projects inZimbabwe.”
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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