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Wednesday, 4th March 2009 (1425 views)

PMI Gold has announced that it plans to raise as much as CN$2.5 million (£1.4 million) through two private placements of shares.

According to the Canadian company, it has received subscriptions for 20 million units at five cents each, raising CN$1 million.

Each unit comprises one common share and one transferable share purchase warrant entitling the holder to purchase an additional common share in the firm for three years from the date of issue at five cents per share.

Funds raised by the share placement will be used to pay a bridge loan outstanding with Trafalgar Capital Specialized Investment Fund.

A second private placement of shares is also planned by PMI Gold to raise an additional CN$1.5 million to pay the balance of the Trafalgar loan and provide working capital.

Based in Vancouver, British Columbia, PMI Gold is a gold exploration and development company with operations in Ghana along the Ashanti and Asankrangwa gold belts and owns four previous operating gold mines in the country.

 

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