Link to PMI Ventures web site, www.westafricangold.com
PMI VENTURES LTD. ANNOUNCES COMPLETION OF $1 MILLION FINANCING
PMI Ventures Ltd. (the "Company")[TSX Venture:PMV], is pleased to announce that it has completed a non-brokered private placement of 1,573,692 Units to raise gross proceeds of $1,022,900. Each Unit will consist of one common share and one non-transferable share purchase warrant entitling the warrant holder to acquire one additional common share from the Company for a period of one year at a price of $0.85 per share. Initially, the Company was seeking to raise gross proceeds of $1,000,000 via placement of up to 1,538,462 Units of the Company at a price of $0.65 per Unit. Due to a high level of interest in the Company and its Ashanti II Deep Gold Project, the private placement has been oversubscribed.
Funds raised will be used for an initial exploration program comprising diamond and reverse circulation drilling on the Company's newly acquired Ghanaian properties and general working capital.
This placement is subject to acceptance by regulatory authorities. The shares issued under the private placement will be subject to a four-month hold period from the date of TSX Venture Exchange approval.
On behalf of the Board,
“Arthur T. Fisher”
Arthur T. Fisher
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
