Pacific Empire Minerals closes second tranche of private placement units

Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) (FRA:1YK) said it has closed the second and final tranche of an oversubscribed non-brokered private placement for gross proceeds of around $289,999, taking the total proceeds from the first and second tranches to around $1.27 million. 

The copper explorer said it issued around 4.83 million units at a price of $0.06 each in the second tranche, each of which consists of one share and one share purchase warrant with an exercise price of $0.10 each for 24 months from the closing of the offering. 

READ: Pacific Empire Minerals raises C$976,533.88 from first tranche of financing to advance Jean Marie project

“We anticipate an exciting year ahead. 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’s president and chief executive Brad Peters said in a statement.

In connection with the second tranche, the company paid finder’s fees to Haywood Securities Inc. consisting of $20,300 in cash and 338,333 finder’s warrants, each of which allows the holder to purchase one share at a price of $0.10 each for a period of 24 months from the issue date.

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