Pacific North West Capital (TSE:PFN) announced that it has entered into an an agreement to purchase 50% ownership in the River Valley PGM project.
Pacific North West Capital (TSX:PFN) announced that it has entered into an an agreement to purchase 50% ownership in the River Valley PGM project.
The press release is quoted as saying:
Under the terms of the agreement, Anglo Platinum will exchange its 50% interest in the unincorporated Joint Venture, for a 12% interest in PFN, based on the issued and outstanding common shares of PFN as of November 30, 2010 (67,643.008).
Harry Barr, President and CEO of PFN, said:
The shares issued to Kaymin will make Anglo Platinum a strategic investor in PFN. Anglo Platinum will have the opportunity to participate in the upside of the project through the future success of the Company and at the same time, PFN will be able to seek new sources of funding to advance the River Valley PGM project