Pacific Empire Minerals Corp (CVE:PEMC) (OTCQB:PEMSF) has closed the first tranche of a previously announced oversubscribed non-brokered private placing, raising C$976,533.88 gross, as it continues to advance its flagship Jean Marie project in British Columbia.
The copper explorer issued 16,275,898 units at a price of C$0.06 each, it said in a statement.
READ: Pacific Empire Minerals hires industry veteran Thomas Hawkins as its new vice president of Exploration
Each unit consists of one company share and one share purchase warrant.
Each warrant allows the bearer to buy one share at an exercise price of C$0.10 for 24 months from closing the offering.
"We are excited to continue advancing our flagship Jean Marie project in a resurgent copper market," said Pacific Empire's CEO Brad Peters.
"Our crews will mobilize in the coming weeks to begin field work that will be focused on refining drill targets at Jean Marie."
All securities are subject to a hold period until September 15, 2021.
Proceeds will be used for general working capital and for exploration on the company's flagship Jean Marie property, it added.
Contact the author at giles@proactiveinvestors.com