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Gold/Mining/Energy : Pacrim Resources
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To: D. Bryan who started this subject2/12/2003 9:04:06 AM
From: D. Bryan   of 18
 
News Finally

PacRim Resources Ltd (C-PRL) - News Release
PacRim Resources arranges $150,000 financing
PacRim Resources Ltd PRL
Shares issued 3,869,193 Feb 10 2003 close $ 0.06
Tuesday February 11 2003 News Release


Mr. John Bottomley reports
PACRIM RESOURCES ANNOUNCES PRIVATE PLACEMENT
PacRim Resources has entered into negotiations to complete a $150,000 private placement at a price of 10 cents per unit with each unit consisting of one common share of PacRim and one share purchase warrant to acquire a further common share of PacRim at a price of 10 cents for a period of two years from closing. Approximately 64.3 per cent of this placement will be completed with insiders or their associates with the remaining 35.7 per cent of the placement being completed with arm's-length parties. The proceeds from this placement will be used for general working capital purposes. The transaction remains subject to approval from the TSX Venture Exchange.
PacRim has also advised that it is still in the process of completing the private placement of 11,111,111 units priced at 22.5 cents per unit with three arm's-length private placees that was approved at the annual and special meeting of shareholders on Sept. 3, 2002, and announced in Stockwatch on Sept. 9, 2002. Each unit will consist of one common share and one warrant to acquire a further postconsolidated share at a price of 30 cents for a period of two years. The proceeds of $2.5-million with be used to repay the corporation's outstanding secured debt, which is currently in default.

(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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