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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Ptaskmaster who started this subject3/7/2003 2:42:07 PM
From: Natasha_Kidd  Read Replies (1) of 4051
 
PMI Ventures completes $1.02-million private placement

2003-03-07 09:47 ET - News Release

Mr. Arthur Fisher reports

PMI VENTURES LTD. ANNOUNCES COMPLETION OF $1 MILLION FINANCING

PMI Ventures has completed a non-brokered private placement of 1,573,692 units to raise gross proceeds of $1,022,900. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the warrantholder to acquire one additional common share from the company for a period of one year at a price of 85 cents per share. Initially, the company was seeking to raise gross proceeds of $1-million via placement of up to 1,538,462 units of the company at a price of 65 cents per unit. Due to a high level of interest in the company and its Ashanti II Deep gold project, the private placement has been oversubscribed.

Finances raised will be used for an initial exploration program consisting of diamond and reverse circulation drilling on the company's newly acquired Ghanaian properties, and general working capital.

This placement is subject to acceptance by regulatory authorities. The shares issued under the private placement will be subject to a four-month hold period from the date of TSX Venture Exchange approval.
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