Palamina (PA-V)
www.palamina.com
19.2 million o/s
Cash $2 million (as of Sept 30, '16)
People:
Andrew Thomson - President and CEO
Mr. Thomson is the former President and Chief Executive Officer of Soltoro Ltd. which defined a significant silver resource on the El Rayo silver project in South Western Mexico. Soltoro was subsequently acquired by Agnico Eagle Mines in June of 2015. Mr. Thomson is an Entrepreneur who has actively been exploring in Mexico, Honduras and Panama since 1993. Mr. Thomson is fluent in French and proficient in Spanish and currently holds positions on the Board of Directors of Gossan Resources Ltd. and Montero Mining and Exploration Ltd.
Jose Vizquerra-Benavides - Director
Mr. Vizquerra is the COO, Senior VP Corporate Development and a director of Oban /Mining Corporation. Mr. Vizquerra previously worked as Head of Business Development for Compania de Minas Buenaventura (BVN:NYSE), prior to which he worked as production and exploration geologist at the Red Lake gold mine. He is currently a board member of Timmins Gold. Mr Vizquerra holds a M.Sc. from Queens University in MINEX.
Darin Wager - Director
Mr. Wagner is the former President and CEO of West Timmins Mining. Darin and his team were instrumental in the discovery of the high-grade Thunder Creek Gold Zone in Timmins, Ontario and the subsequent acquisition of West Timmins by Lake Shore Gold in an all share deal valued at $424 million which was completed in November of 2009. Mr. Wagner now heads Balmoral Resources who’s team have been twice recognized as the Explorers of the Year in Quebec for Balmoral’s Martiniere and Grasset discoveries. Mr. Wagner and the team at Platinum Group Metals were awarded the NWOPA Explorer of the Year Award in 2004 for the Seagull Pt-Pd discovery near Thunder Bay, Ontario. In addition to his duties with Balmoral Mr. Wagner currently serves on the Board of Directors of Newcastle Gold and is a co-founder of Falco Resources.
Hugh Agro - Director
Hugh Agro is a Principal of Carbon Arc Capital Investments Inc., a private equity backed mining investment firm. Prior to co-founding Carbon Arc, Mr. Agro was Executive Vice President, Strategic Development with Kinross Gold Corporation. At Kinross, Mr. Agro was a member of the Executive Leadership Team and responsible for strategic and operational leadership of Kinross’ growth initiatives including corporate development, global exploration and commercial activities in Russia. Previously, Mr. Agro held senior executive positions with Placer Dome, Senator Capital Partners and in investment banking with Deutsche Bank’s Global Metals and Mining Group.
Phillip Walford, B.Sc., P.Geo., - Advisory Board
40 years experience in mining and mineral exploration in North and Central America, active in Mexico since 1993, Phillip Walford is currently President of Marathon Gold. Mr. Walford has held senior management positions at Pamour Porcupine Mines Ltd., LacMinerals Ltd. Geomaque Explorations Ltd., and Hudson Bay Exploration and Development and has extensive international experience in gold and base metal deposits.
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Palamina announces closing of oversubscribed $1.2M Private Placement
Aug 8, '16 - News Release
Palamina has closed a non-brokered private placement offering (the “Offering”) comprised of 8,000,000 common shares at a purchase price of $0.15 per share for aggregate gross proceeds of $1,200,000. The directors of Palamina authorized a $200,000 increase beyond the original $1,000,000 contemplated Offering, as the issue was oversubscribed. No broker commissions were paid and the Company continues to move forward with no warrants as none were issued.
Five officers and directors of the Company (the “Purchasing Insiders“), purchased an aggregate of 8% of the securities issued pursuant to the Offering. The Offering was considered and approved by the board of directors of the Company, with the directors who purchased shares under the Offering declaring a conflict and recusing themselves from voting on their participation in the Offering. There was no materially contrary view or abstention by any director approving the Offering. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), the purchase by the Purchasing Insiders was a “related party transaction” but the Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering.
Net proceeds of the Offering will be used to further the Company’s exploration projects, fund possible new acquisitions and for general working capital. All securities issued pursuant to the Offering are subject to a four month and one day hold period. The Offering is subject to TSX Venture Exchange acceptance of regulatory filings.
ABOUT PALAMINA
Palamina was formed following the acquisition of Soltoro Ltd. by Agnico Eagle Mines. Palamina is directed by a group of proven mine finders focused on securing and holding advanced mining assets in the America’s. Palamina has 100% interest in three exploration projects in Mexico. Palamina has 22,574,713 shares issued after giving effect to the private placement and trades on the TSX Venture Exchange under the symbol PA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
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Fact Sheet http://www.palamina.com/fact-sheet/ |
