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Business & Finance | Jun 24, 2004

Canadian miner raises $1m for Ghana projects

Minning Weekly

Canadian miner PMI Ventures this week announced a best-efforts brokered private placement of up to 3 571 429 units of the company, at a price of $0,28 a unit, to raise gross proceeds of up to $1-million.

Each unit will consist of one common share and one-half of one nontransferable share purchase warrant, each whole share purchase warrant entitling the holder to acquire one additional common share of the company, for a period of 18 months, at a price of $0,35 a share.

Funds raised will be used for continued exploration of the Ghanaian properties, comprising the company's Ashanti II gold project and general working capital.

A commission of 8% of the aggregate gross proceeds of the offering will be payable to the broker upon closing of the placement.

In addition, the company said it will issue warrants to purchase such number of units that is equal to 8% of the units purchased under the offering.

Each broker warrant will be exercisable for one unit at any time until the date set as the expiry date of the warrants at an exercise price of $0,28.

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 Toronto Stock Exchange Venture Exchange approval.

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