Mr. Andrew Thomson reports
PALAMINA ANNOUNCES PRIVATE PLACEMENT
Palamina Corp. will conduct a non-brokered private placement offering of up to 6.25 million units at a purchase price of 32 cents per unit for aggregate gross proceeds of up to $2-million.
Each unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share at a price of 55 cents for a period of 18 months from the closing date, provided that if after four months and one day following the closing of the offering, the closing price of the common shares on the TSX Venture Exchange is equal to or greater than 90 cents for 10 consecutive trading days, then the company may accelerate the expiry date of the warrants by disseminating a press release and in such case the warrants will expire on the 45th day after the date on which such press release is disseminated.
Net proceeds of the offering will be used for general corporate and working capital purposes. The offering is subject to TSX Venture Exchange acceptance of regulatory filings.
About Palamina Corp.
Palamina has acquired the application and mining rights to five gold projects in southeastern Peru in the Puno orogenic gold belt (POGB), one copper-gold project in the coastal IOCG (iron oxide/copper/gold) belt in southern Peru and holds 100-per-cent interest in one exploration project in Mexico.
We seek Safe Harbor.
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