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Gold/Mining/Energy : Pacific North West Capital Corporation-PFN on Alberta
PFN 7.450+0.5%Jan 16 4:00 PM EST
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To: John E.Quinn who wrote (712)11/8/1999 6:59:00 PM
From: Just G  Read Replies (1) of 2255
 
Pacific North West to sell 2.5 million units privately

Pacific North West Capital Corp PFN
Shares issued 8,492,000 Nov 8 close $0.44
Mon 8 Nov 99 News Release
Mr. Harry Barr reports
Pacific North West Capital Corp. has entered into an engagement letter with
Haywood Securities Inc. of Vancouver, B.C. (the agent), for a brokered
private placement, on a best efforts basis, of up to 2.5 million units at a
subscription price of 40 cents per unit for gross proceeds of $1-million.
Each unit will consist of one flow-through common share of the company and
one-half of one common share purchase warrant. Each whole warrant entities
the holder thereof to purchase one additional common share of the company
at a purchase price of 60 cents on or before 12 months from the date of
issue.
The company will pay a commission to the agent equal to 7.5 per cent of the
gross proceeds payable in cash at closing time. The company will also issue
to the agent up to 250,000 warrants, each warrant exercisable for one
common share at a price of 40 cents for one year from the date of closing.
The foregoing is subject to regulatory approval.
The proceeds of the financing will be used to finance the company's
platinum/palladium exploration programs near Sudbury and Timmins, Ont. Some
of the company's Sudbury properties are being explored in conjunction with
an option/joint venture agreement with AMPLATS, (Anglo American Platinum
Corporation Limited), the world's largest platinum producer. Pacific North
West Capital Corp. aggressively acquires, explores and develops platinum
group metal projects.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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