12:57:23 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Power Americas Minerals Corp (2)
Symbol PAM
Shares Issued 52,026,500
Close 2018-05-08 C$ 0.17
Market Cap C$ 8,844,505
Recent Sedar Documents

Power Americas completes private placement

2018-05-08 17:45 ET - News Release

Mr. Jeffrey Cocks reports

POWER AMERICAS CLOSES $2.6 MILLION PRIVATE PLACEMENT CO-LED BY CANACCORD GENUITY AND GRAVITAS SECURITIES

Power Americas Minerals Corp. has completed the previously announced (see news release dated April 24, 2018) brokered private placement of flow-through common shares and non-flow-through units. The brokered private placement consisted of 6,666,666 flow-through shares (increased from the previously announced amount of 3,333,333 flow-through shares) at a price of 15 cents per flow-through share and 11,216,666 units at a price of 15 cents per unit, for total gross proceeds of $2,682,500. Each unit consists of one common share of the company and one common share purchase warrant exercisable into one common share of the company at a price of 25 cents per warrant for a period of 36 months from the date hereof. The flow-through component of the private placement was oversubscribed.

The private placement was brokered by Canaccord Genuity Corp. and Gravitas Securities Inc. The agents were paid a commission composed of a cash fee in the amount of $214,600 and issued an aggregate of 1,430,666 agents' warrants. Each agent's warrant is exercisable into one unit at a price of 15 cents per unit for a period of 36 months from the date hereof. In addition, the company also issued the agents 894,166 units as a corporate finance fee in connection with the private placement.

All securities issued under the private placement, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof.

The company intends to use the net proceeds from the offering for exploration on its mineral properties and general working capital.

About Power Americas Minerals Corp.

Power Americas Minerals is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium and other energy metals in North and South America. Power Americas' acquisition strategy focuses on acquiring affordable, cost-effective and highly regarded mineral properties in areas with proven geological potential.

We seek Safe Harbor.

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