Vancouver — Pacific North West Capital (PFN-T)has arranged a non-brokered private placement for a gross proceeds of $2 million. The money will be put towards acquisition, exploration and development of its platinum group metal projects in Ontario and Alaska.
The financing will consist of up to 2,500,000 units where each unit will consist of one common share at a purchase price of $0.80 and one-half of one non-transferable share purchase warrant. Each whole warrant entitle the holder to purchase one additional common share for an 18 month period for $1.00. A finder’s fee of 7% may be paid in cash or shares.
Pacific North West Capital is currently exploring the River Valley project and the Agnew Lake project which are joint ventured with Anglo American Platinum. Anglo Platinum has funded a $5.3 million phase 6 drilling program on River Valley and stands to earn a 65% interest by funding it through to production. In Alaska, Pacific North West Capital has a joint venture agreement with Lonmin, the world’s third largest primary underground platinum group metals producer. Last year Lonmin funded a US$920,000 exploration program at the company’s Union Bay project in Alaska.
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