Papuan Precious Metals Corp. Closes Non-brokered Private Placement Financing
Papuan Precious Metals Corp. (the “Company”) is pleased to announce that the non-brokered private placement announced June 3, 2014 has closed and the Company raised a total of $776,000 from the sale of 9,700,000 common share units.
The units were sold at $0.08 per unit and each unit consisted of one common share and one-half of one common share purchase warrant exercisable at $0.12 with an expiry date of June 24, 2015.
The Company has paid Finders a fee, in cash and shares, equal to 7.0% of the amount of units sold to investors located.
The shares will be subject to resale restrictions for a period of four months.
The net proceeds from the sale of the units will be used to advance the development of the Company’s properties, for potential acquisitions, for general working capital and a loan of US$350,000 to the Company’s subsidiary pursuant to a plan of arrangement.
ON BEHALF OF THE BOARD
Dev Randhawa, Chairman & CEO
For further information contact Greg Downey at 1.866.979.7022.
Or email email@example.com
This press release contains “forward-looking information” Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause PPM’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. PPM disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.