Pacific Empire Minerals Corp (CVE:PEMC) (OTCMKTS:PEMSF) announced Wednesday that it has raised C$846,099.99 in an oversubscribed non-brokered private placement to fund its planned exploration and drilling at its Babine copper-gold porphyry project in British Columbia.
The firm noted that funds raised would go towards its 2019 exploration program, as well as general working capital and the offering was increased, thanks to investor demand.
The work is set to consist of preliminary geochemical and seismic surveys, followed by reverse circulation (RC) drilling.
Initial exploration will help to better define existing drill targets and to outline further ones in prospective areas as identified by the company.
The company noted it expects the work program to take about 100 field days, with the company planning to complete 50 reverse circulation drill holes testing numerous drill targets in up to a dozen high priority target areas.
PEMC issued 10.6 million units at C$0.07 each, raising C$747,099.99 and 1.1 million flow-through shares at C$0.09 each, raising C$99,000.
Each unit will consist of one share and one share purchase warrant. Each warrant will entitle the holder to acquire a share at an exercise price of $0.14 per warrant share for 36 months from closing.
Flow-through shares are a unique financing vehicle for junior mining companies in Canada, giving investors tax incentives for funding resource exploration.
Shares of PEMC were at C$0.08 on Wednesday.
Contact Katie Lewis at [email protected]