PMI VENTURES LTD.
Suite 1760 – 750 West Pender Street
Vancouver, BC V6C 2T8
Phone: (604) 681-8069 Fax: (604) 681-0269
News Release #03-06 TSX Venture: PMV
April 2, 2003
PMI VENTURES LTD. COMPLETES $1.1 MILLION FINANCING & COMMENCEMENT OF DRILL PROGRAM
PMI Ventures Ltd. (the “Company”) [TSX Venture:PMV], is pleased to announce that the TSX Venture Exchange (the “Exchange”) has accepted for filing the non-brokered private placement announced on February 3, 2003. The private placement was oversubscribed as a result of a high level of interest in the Company and its Ashanti II Deep Gold Project. A total of 1,699,845 Units was subscribed, raising gross proceeds of $1,104,900. Each Unit will consist of one common share and one non-transferable share purchase warrant entitling the warrant holder to acquire one additional common share from the Company for a period of one year at a price of $0.85 per share.
A finder’s fee of $82,732 or 8% was paid in connection with this private placement.
The shares issued under the private placement will be subject to a four-month hold period expiring on August 2, 2003.
Funds raised will be used for an initial exploration program at the Ashanti II Deep Gold Project which includes 1,050 metres of diamond drilling in 8 to 10 holes commencing in early April 2003 and general working capital. Results of the proposed drill program are expected in early May 2003.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited of Accra, Ghana, holds in exploration concessions and applications covering an area of over 450 sq km along a length of 50 km of the axis of the Asankrangwa Gold Belt in southwestern Ghana. Goknets' interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.
On behalf of the Board,
“Arthur T. Fisher”
Arthur T. Fisher
President
For more information please contact:
Arthur Fisher or Warwick G. Smith,
President VP Shareholder Communications
Telephone: (604) 681-8069 Telephone: (604) 682-8089
Facsimile: (604) 681-0269 Toll-Free: 1 888 682-8089
Facsimile: (604) 682-8094
Or visit the PMI Ventures Ltd. website at www.westafricangold.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. |
