(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 31 , 2020 – Pacific Imperial Mines Inc. (TSXV:PPM) (“PacificImperial” or the “Company”) announces that, further to its news release of December11, 2020, and subject to the final approval of the TSX VentureExchange (the “ Exchange ”), it has closed its non?brokered private placement (the “ Private Placement ”)raising gross proceeds of $245,000 through the issuance of 4,900,000flow-through units (each a “ FT Unit ”) at a price of $0.05 per FT Unit. Each FT Unit consists of one flow-through common share and onetransferable common share purchase warrant (a “ Warrant ”) with eachWarrant exercisable to purchase one additional common share (a“ Share ”) in the capital of the Company at a price of $0.10 perShare for a period of two years.
The Company paid finder’s fees of $19,600 and 392,000finder’s warrants (the “ Finder’s Warrants ”) to Canaccord GenuityCorp. The Finder’s Warrants are non-transferable and exercisableat $0.10 per Finder’s Warrant for a period of two years.
All securities issued in the Private Placement aresubject to a hold period of four months and one day following theclosing date of the Private Placement.
The Company intends touse the gross proceeds of the Private Placement for payments relatedto the work programs on the TREK 31 Project, which includes InducedPolarization (IP) geophysical survey across the source area of thetill anomaly to target areas of anomalous chargeability andresistivity for identification of drill targets. Drill targets areexpected to be identified in the first quarter of 2021.
Technical details on the TREK 31 Project have beenpreviously released by Orogen Royalties Inc. andcan be found at:
About Pacific Imperial MinesInc.
Pacific Imperial is a mineralexploration company based in Vancouver, Canada, engaged in theacquisition, exploration, evaluation and development of mineralproperties in an acceptable risk environment.
The Company’s current focus is on the acquisition ofgold and base metal properties. The Company’s,board of directors, management team and technical advisors havecollective geological and financing experience exceeding 200 years.
ON BEHALF OF THE BOARD OFDIRECTORS
“ChrisMcLeod ”
Chris McLeod, President
For further information pleasecontact:
Roman Shklanka, Chairman, at 604-649-6195, or ChrisMcLeod, President, at 604-669-6332
Email: investor@pacificimperialmines.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward LookingInformation
This news release includes certainstatements that may be deemed "forward looking statements".All statements in this news release, other than statements ofhistorical facts, that address events or developments that PacificImperial Mines Inc. (the “ Company ”) expects to occur, are forward looking statements.Forward looking statements are statements that are not historicalfacts and are generally, but not always, identified by the words"expects", "plans", "anticipates","believes", "intends", "estimates","projects", "potential" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur.
Although the Company believes theexpectations expressed in such forward looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in theforward looking statements. Factors that could cause the actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes, andcontinued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward looking statements. Forward looking statements are based onthe beliefs, estimates and opinions of the Company’s management onthe date the statements are made. Except as required by securitieslaws, the Company undertakes no obligation to update these forwardlooking statements in the event that management's beliefs, estimatesor opinions, or other factors, should change.
A number of mineral resources or significantoccurrences disclosed herein relate to nearby properties owned byother companies, and the data presented have been extracted from thesecompanies’ press releases and websites. A Qualified Person hasbeen unable to verify this information from the adjacent properties,and such results are not necessarily indicative of potentialquantities or grades of mineralization on the Company’s properties.
The securities referred to in thisnews release have not been, and will not be, registered under theUnited States Securities Act of 1933, as amended (the “U.S.Securities Act”), or any applicable securities laws of any state ofthe United States, and may not be offered or sold within the UnitedStates or to, or for the account or benefit of, U.S. persons (as suchterm is defined in Regulation S under the U.S. Securities Act) orpersons in the United States unless registered under the U.S.Securities Act and any other applicable securities laws of the UnitedStates or an exemption from such registration requirements isavailable.
This press release does notconstitute an offer to sell or a solicitation of an offer to buy anyof these securities within any jurisdiction, including the UnitedStates. Any public offering of securities in the United States mustbe made by means of a prospectus containing detailed information aboutthe company and management, as well as financial statements.
NOT FOR DISTRIBUTION TO THE UNITEDSTATES OR FOR DISSEMINATION IN THE UNITED STATES
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