Pacific Empire Minerals Corp (CVE:PEMC) said it has closed a C$1.1 million private placement that will fund planned exploration and drilling programs at its Worldstock, Weedon and recently acquired Jean Marie copper-gold porphyry projects in British Columbia.
The prospect generator issued 16 million units at C$0.05 each and around 4.2 million flow-through shares at C$0.07 each, for total gross proceeds of up to C$1.1 million.
Each unit consists of one common share in the company and one half of a share purchase warrant, with each warrant entitling the holder to acquire one share at an exercise price of C$0.10 per share for 24 months from closing.
According to a statement from the junior miner, Stichting Depositary Plethora Precious Metals Fund subscribed for 2.8 million units. The fund now owns or controls a total of 8.3 million shares on an undiluted basis and 13.7 million shares on a diluted basis, representing approximately 12.1% and 18.5% of the company's issued and outstanding shares on an undiluted and diluted basis, respectively.
Pacific Empire paid nearly $33,000 in cash commissions and issued 617,490 finders' warrants in connection with the offering. Each finders' warrant entitles the holder to acquire one additional common share at an exercise price of $0.10 for a period of 24 months following the date of issuance.
In June, the company revealed that it had expanded its footprint at the Jean Marie copper-gold-silver-molybdenum project in British Columbia. The prospect generator said it had staked over 1,000 hectares of prospective mineral tenure, contiguous to and immediately east of the site, which lies just 50 kilometres west of Centerra Gold's Mt. Milligan copper-gold mine.
In all, the project now spans 7,355 hectares and boasts multiple mineralized zones open for expansion, along with several additional exploration targets. The new ground includes historical geochemical anomalies with values up to 4,400 parts per million (ppm) copper-in-soil and 655 ppm copper-in-stream sediment.
Pacific Empire is focused on discovering gold-enriched copper deposits in British Columbia and uses a hybrid prospect generator model.
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