Pacific North West Capital Closes 2nd Tranche Private Placement
March 28, 2016 (Source) — Pacific North West Capital Corp. (“PFN” and the “Company”) (TSX.V: PFN; Frankfurt: P7J.F; OTC Pink: PAWEF announces that further to its news releases dated September 18, 2015, December 1, 2015 and January 18, 2016, the Company has oversubscribed and closed the 2nd tranche of its private placement raising $328,105 by way of a combined flow-through (“FT”) and non flow-through (“NFT”) units.
The Company issued 19,873,663 Non Flow Through units (NFT Units) at a price of $0.015 per NFT Unit and 1,500,000 Flow Through units (FT Units) at a price of $0.02 per FT Unit pursuant to a discretionary waiver obtained from the TSX Venture Exchange from the $0.05 per share minimum pricing requirements. Each NFT Unit and FT Unit consists of one common share and one non-transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.05 per share for a period of 24 months from closing.
The proceeds will be used for continuing to review the previous drill information and geological interpretation of River Valley, in order to further determine the origin of the higher grade mineralization discovered earlier this year at Target T2 (refer to March 11, 2015 news release). The objective of the review is to outline additional quality drill targets in the northern portion of River Valley. A portion of the funds will also be used to finalize the next phase of metallurgical testwork and for working capital.
Finder’s fees were paid in connection with the private placement in the amount of 736,666 units on the same terms as the Units.
All securities issued in connection with the private placement are subject to a four month and a day hold period expiring on July 29, 2016.
About Pacific North West Capital
PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option/joint venture its projects to partners for funding through to production. PFN is focused on the discovery, exploration and development of PGM and nickel‐copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company’s key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. River Valley is one of the largest undeveloped primary PGM projects in Canada. The Company continues to evaluate PGM and nickel‐copper properties and projects in North America for potential acquisition opportunities.
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About River Valley PGM Project
Figure 2. Location of the River Valley PGM Project, Ontario.
River Valley is one of the largest primary PGM Projects in Canada. NI43-101 compliant near-surface resources are: 26 Mt grading 1.5 g/t PdEq for 1.2 Moz contained PdEq in the measured category; 66 Mt grading 1.4 g/t PdEq for 2.8 Moz contained PdEq in the indicated category; and 36 Mt grading 1.1 g/t PdEq for 1.2 Moz contained PdEq in the inferred category(see PFN’s website for details).
The Project is located within 100 road-km of Sudbury and is readily accessible via paved and gravel roads with settlements, power and rail all nearby. The River Valley PGM deposit is overlain by mining leases owned 100% by PFN. Exploration upside is enormous, particularly at depth.
The technical content of this new release has been prepared, reviewed and approved by Dr. William Stone, P.Geo., principal consulting geologist to Pacific North West Capital Corp. and a Qualified Person under the . provisions of National Instrument 43‐101.
On behalf of the Board of Directors
Chairman and CEO
Neither the TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Disclaimer: This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with TSX Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
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