NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
March 20, 2018, Vancouver, BC, Canada - Pacific Empire Minerals Corp. (the "Company" or "PEMC") is pleased to announce today the closing of an initial public offering (the "Offering" or "IPO") of 10,000,000 units of the Company (the "Units") at a purchase price of $0.20 per Unit for gross proceeds of $2,000,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each Warrant is exercisable for one Common Share at a price of $0.30, for a period of three years following the closing of the Offering.
The TSX Venture Exchange (the "TSXV") has accepted the Company’s listing application as of March 20, 2018 (the "Listing Date") and the Company’s Common Shares are expected to resume trading on the TSXV on or about March 22, 2018 under the trading symbol "PEMC".
The net proceeds of the Offering (the "Net Proceeds") will be used to fund exploration work on the Company’s portfolio of copper-gold projects, most notably the Wildcat Project in central British Columbia situated 9 km from Centerra Gold’s Mt. Milligan copper-gold mine, and for general working capital requirements. In addition, PEMC will be taking delivery of a custom-built reverse-circulation drill (the "RC drill"). The RC drill will provide a means to cost-effectively and rapidly advance and add value to the Company's portfolio of copper-gold projects.
"The successful completion of our IPO represents a pivotal step for the Company," commented Brad Peters, President and CEO of PEMC. "After five years as a private company focused on the acquisition and exploration of gold-rich copper projects, we are well positioned to rapidly advance our portfolio and take advantage of British Columbia's position as an important copper jurisdiction."
Additional information on the Company, the IPO and its projects, can be found in the Company’s Amended and Restated Prospectus, dated January 10, 2018 as filed on SEDAR at (www.sedar.com), and on the Company’s website at www.pemcorp.ca.
Haywood Securities Inc. (the "Agent") acted as an agent in connection with the Offering. For its services the Agent received corporate finance fee, a cash commission equal to 7% of the gross proceeds of the Offering in addition to compensation options to purchase up to 700,000 Units at an exercise price of $0.20 exercisable within 36 months from the listing of the Company’s Common Shares.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside Canada. This news release does not constitute or form part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities offered pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There will be no public offering of securities in the United States.
About Pacific Empire Minerals Corp.
PEMC is an exploration company based in Vancouver, British Columbia, that employs the "prospect generator" business model and is currently focused on the acquisition, funding and exploration of its Wildcat Project, which consists of 10 mineral claims covering an area of approximately 5,826 hectares in the Omineca Mining Division of British Columbia.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Pacific Empire Minerals Corp.
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.
This press release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities laws, which may include, but are not limited to, statements relating to the date of resumption of trading of the Company’s Shares and its future business plans; anticipated use of proceeds and delivery of the RC drill. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company’s amended and restated final prospectus dated January 10, 2018 and filed under the Company’s profile on SEDAR at www.sedar.com. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to the Company’s ability to raise additional capital; actual results and timing of exploration activities; actual results and timing of mining activities; future prices of silver, gold, lead, zinc and other commodities; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions and. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that the Company will be able to raise additional capital on reasonable terms; that the proposed exploration program will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.