Pacific Empire Minerals Corp (CVE:PEMC) has unveiled a private placing to bring in up to C$1.22 million to fund planned exploration and drilling programs at its Worldstock, Weedon and recently acquired Jean Marie copper-gold porphyry projects in British Columbia.
The prospect generator plans to issue 16 million units at C$0.05 each and 6 million flow-through shares at C$0.07 each, for total gross proceeds of up to C$1.22 million, it said in a brief statement.
READ: Pacific Empire Minerals boosts its footprint at Jean Marie project in British Columbia
Each unit consists of one company share and one half of a share purchase warrant, with each warrant entitling the holder to acquire one share at an exercise price of C$0.10 per share for 24 months from closing.
Closing of the offering is expected to occur on or before July 31 this year and securities issued will be subject to a four-month hold period.
"The 2020 exploration programs on the company's Worldstock, Weedon and Jean Marie projects will consist of reverse circulation drilling and potentially diamond drilling, with the bulk of the work planned for the Jean Marie project," the group added in the statement.
In June, the company revealed that it had expanded its footprint at the Jean Marie copper-gold-silver-molybdenum project in British Columbia. The prospect generator said it had staked over 1,000 hectares of prospective mineral tenure, contiguous to and immediately east of the site, which lies just 50 kilometres west of Centerra Gold's Mt. Milligan copper-gold mine.
In all, the project now spans 7,355 hectares and boasts multiple mineralized zones open for expansion, along with several additional exploration targets. The new ground includes historical geochemical anomalies with values up to 4,400 parts per million (ppm) copper-in-soil and 655 ppm copper-in-stream sediment, the firm said.
Pacific Empire is focused on discovering gold-enriched copper deposits in British Columbia and uses a hybrid prospect generator model.
Contact the author at giles@proactiveinvestors.com