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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (1065)	6/28/2000 11:23:00 AM
From: Check	Read Replies (1) \| Respond to of 1178

Canadian Company Press Release PGD 2000-06-28 (provided courtesy of CCN Disclosure .) register to receive future releases by email from CCN Pangea Goldfields Completes $10.4 Million Financing TORONTO, CANADA--Pangea Goldfields Inc. announced today that it has completed the previously announced sale of 2.3 million special warrants by way of private placement, for total gross proceeds of $10.4 million. The special warrants were sold at a price of $4.50 with each entitling purchasers to acquire one common share at no additional cost. The 2.3 million common shares issueable on the exercise of the special warrants were qualified in the provinces of Ontario and Manitoba pursuant to a final prospectus dated June 27, 2000. The agents for the financing were Loewen, Ondaatje, McCutcheon Limited and Sprott Securities Limited of Toronto, The net proceeds of the issue together with its current cash will increase Pangea's cash position to over $18 million. The funds will be applied towards funding further exploration and development of Pangea's key properties in Tanzania and Peru including funding the feasibility study at the Tulawaka project as well as allowing it to capitalize on new opportunities. Pangea is currently drilling on a number of properties including Tulawaka - a one million-ounce high-grade gold deposit (1.67 million tonnes @ 19 grams/tonne) - the 100%-owned Muhama project located east of Tulawaka and the Pukaqaqa project in Peru. Pangea currently has a gold resource in excess of 3.2 million ounces. Upon completion of this transaction, the company will have 24.7 million shares issued and outstanding. Access previous PANGEA press releases on our Website: www.pangeagoldfields.com -30- FOR FURTHER INFORMATION PLEASE CONTACT: PANGEA at (416) 350-3781 Jean-Charles Potvin President, ext. 227 or Ian MacNeily VP Finance, ext. 232 or Bill Cavalluzzo Manager, Investor Relations, ext. 230 (416) 350-3782 (FAX) bcavalluzzo@pangeagoldfields.com NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.