Papuan Precious Metals Corp. Closes Non-Brokered Private Placement Financing
Papuan Precious Metals Corp. Closes Non-Brokered Private Placement
KELOWNA, BRITISH COLUMBIA--(Marketwired - Jun 30, 2014) - PAPUAN
PRECIOUS METALS CORP. (TSX-VENTURE:PAU) (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
Chairman & CEO
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
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.
Papuan Precious Metals Corp.Greg