Pan American Goldfields Closes $2.1 Million Private Placement

Pan American Goldfields Ltd.(OTCBB:MXOM) announced Q1 reports from its pilot production at the Cieneguita project. Pan American also announced the completion of a $2.1 million private placement.

As quoted in the press release:

The Company has also completed a $2.1 million private placement offering where it issued 17.5 million shares of its common stock at a subscription price of $0.12 per share. Of the aggregate $2.1 million, $1,050,000 was paid as cash and $1,050,000 was paid through the transfer of real property in Argentina valued at $1,050,000.

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