Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a copper explorer in British Columbia, announces that, further to its April 22, 2021 news release, the Company has closed a second and final tranche (the "Second Tranche") of the oversubscribed non-brokered private placement (the "Offering") for gross proceeds of $289,999.98. The aggregate gross proceeds from the Second Tranche and the first tranche of the Offering were $1,266,553.86.
The Company issued 4,833,333 units at a price of $0.06 per unit (the "Units") pursuant to the Second Tranche. In total, the Company issued 21,109,231 Units at a price of $0.06 per Unit pursuant to the Offering.
Each Unit will consist of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one Common Share ("Warrant Share") at an exercise price of $0.10 per Warrant Share until 5:00 pm (Pacific Time) on the date that is 24 months from the closing of the Offering.
In connection with the Second Tranche, the Company paid finder's fees to Haywood Securities Inc. consisting of $20,300.00 in cash and issued 338,333 finder's warrants (each, a "Finder's Warrant"). Each Finder's Warrant entitles the holder to purchase one Common Share at a price of $0.10 per Common Share for a period of 24 months from the issue date.
All securities are subject to a hold period that will expire on October 3, 2021. Proceeds from the Offering will be used for general working capital purposes and for exploration on the Company's flagship Jean Marie property.
"We anticipate an exciting year ahead," stated Pacific Empire's President and CEO, Brad Peters. "I believe that Pacific Empire is in a great spot, at the right time, with the right projects and a team positioned to take advantage of a resurgent copper market."
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a "Green" copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: proceeds from the Offering will be used for general working capital purposes and for exploration on the Company's flagship Jean Marie property, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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