Proactive Investors - Run By Investors For Investors

Pacific Empire Minerals raises C$846,000 to bolster Babine copper-gold porphyry projects

The company said funds raised will be used for exploration and drill programs at its Babine copper-gold porphyry projects in BC and for general working capital
Babine copper-gold porphyry project
Pacific Empire Minerals is kicking off a planned exploration and drilling campaign at its Babine copper-gold porphyry projects in British Columbia

Pacific Empire Minerals Corp (CVE:PEMC) (OTCMKTS:PEMSF) announced Wednesday that it has raised C$846,099.99 in an oversubscribed non-brokered private placement to fund its planned exploration and drilling at its Babine copper-gold porphyry project in British Columbia.

The firm noted that funds raised would go towards its 2019 exploration program, as well as general working capital and the offering was increased, thanks to investor demand. 

The work is set to consist of preliminary geochemical and seismic surveys, followed by reverse circulation (RC) drilling.

READ: Pacific Empire Minerals options Topley Richfield Property in central British Columbia

Initial exploration will help to better define existing drill targets and to outline further ones in prospective areas as identified by the company.

The company noted it expects the work program to take about 100 field days, with the company planning to complete 50 reverse circulation drill holes testing numerous drill targets in up to a dozen high priority target areas.

Financing details

PEMC issued 10.6 million units at C$0.07 each, raising C$747,099.99 and 1.1 million flow-through shares at C$0.09 each, raising C$99,000.

Each unit will consist of one share and one share purchase warrant. Each warrant will entitle the holder to acquire a share at an exercise price of $0.14 per warrant share for 36 months from closing.

Flow-through shares are a unique financing vehicle for junior mining companies in Canada, giving investors tax incentives for funding resource exploration.

Shares of PEMC were at C$0.08 on Wednesday. 

Contact Katie Lewis at [email protected]

View full PEMC profile View Profile

Pacific Empire Minerals Corp. Timeline

Related Articles

March 20 2019
The group’s ‘flagship’ project BKM Copper Project is located northwest of Palangkaraya, the regional capital of Central Kalimantan, part of the KSK projects which are 100%-owned by the company
Drilling picture
July 11 2019
The group has a large portfolio of projects, which mitigates risk and increases the chance of making a discovery
February 14 2019
VR Resources is still picking up new ground as it continues to assess the potential of its Nevada portfolio
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use