Palamina Announces $2 Million Private Placement
TSX VENTURE: PA
Toronto, Ontario--(Newsfile Corp. - February 1, 2018) - Palamina Corp. (TSXV: PA) ("Palamina" or the "Company") is pleased to announce that it will conduct a non-brokered private placement offering (the "Offering") of up to 6,666,667 units ("Units") at a purchase price of $0.30 per Unit, for aggregate gross proceeds of up to $2,000,000.
Each Unit consists of one common share ("Common Share") and one warrant (a "Warrant"). Each Warrant is exercisable to acquire one Common Share at a price of $0.50 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 ("TSX-V") is equal to or greater than $0.90 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. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Palamina Corp.
Palamina is directed by a group of proven mine finders focused on securing mining assets in the America's with the potential to host significant gold deposits. Palamina has acquired the application rights to six areas in the Puno gold belt and one project in the coastal I.O.C.G. belt in Southern Peru and holds 100% interest in one exploration project in Mexico. Palamina has 22,574,713 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.