Pampa Metals Announces Fully Subscribed $2.6m Private Placement

Rhea-AI Summary

Pampa Metals has announced a fully subscribed non-brokered private placement raising $2.6 million by issuing 9.6 million units at $0.27 each. Each unit includes one common share and a half-purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.50 within three years.

The funds will support ongoing exploration at the Piuquenes Copper-Gold Porphyry Project. Recent drill results from this project include significant copper, gold, and silver mineralizations, such as 801 meters at 0.40% Cu, 0.51 g/t Au, and 2.87 g/t Ag.

The placement is expected to close by June 28, 2024, and is subject to approval by the Canadian Securities Exchange. Securities issued will have a four-month hold period.

Positive

• Fully subscribed private placement raising $2.6 million.
• Funds to support the exploration of high-potential Piuquenes Copper-Gold Porphyry Project.
• Significant drill results: 801 meters at 0.40% Cu, 0.51 g/t Au, and 2.87 g/t Ag.

Negative

• Securities issued will be subject to a four-month hold period.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / June 19, 2024 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQB:PMMCF) is pleased to announce a fully subscribed non-brokered private placement (the "Placement") of 9,600,000 units ("Units") at a price of $0.27 per Unit for gross proceeds of $2,592,000 ("Proceeds"). Each Unit will consist of one fully paid common share and a half purchase warrant. Each whole warrant (a "Warrant") shall entitle the holder to acquire an additional common share at a price of $0.50 for a period of 3 years after the closing of the Placement.

The Placement has been fully subscribed by a natural resources fund.

Proceeds will fund continuing exploration at the Piuquenes Copper-Gold Porphyry Project, where the Company recently reported results from the third drillhole of its maiden program ( refer 23 May 2024 News Release ) including:

• 801 m @ 0.40% Cu, 0.51 g/t Au, 2.87 g/t Ag (from 54 to 855m (EOH))
• including 518 m @ 0.53% Cu, 0.73 g/t Au, 3.45 g/t Ag (from 192 to 710)
• including 176 m @ 0.71% Cu, 0.74 g/t Au, 4.86 g/t Ag (from 192 to 368)
• including 64 m @ 0.75%, 1.2 g/t Au, 4.60 g/t Ag (554 to 618m)
• including 32m @ 0.64% Cu, 0.71 g/t Au, 4.54 g/t Ag (642 to 674m)

In connection with the Placement, the Company will pay a finder's fee to Raymond James Ltd.

The anticipated closing date of the Placement is June 28, 2024.

Any securities issued in connection with the Placement will be subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable. The Placement is subject to CSE acceptance.

ON BEHALF OF THE BOARD

Joseph van den Elsen | President & CEO

INVESTOR CONTACT

Joseph van den Elsen | Joseph@pampametals.com

ABOUT PAMPA METALS

Pampa Metals is a copper-gold exploration company listed on the Canadian Stock Exchange (CSE:PM), Frankfurt (FSE: FIR), and OTC (OTCQB: PMMCF) exchanges.

In November 2023, the Company announced it had entered into an Option and Joint Venture Agreement for the acquisition of an 80% interest in the Piuquenes Copper-Gold Porphyry Project in San Juan Province, Argentina.

Qualified Person

Technical information in this news release has been approved by Mario Orrego G. Mr. Orrego G. is a Geologist, a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego G. is a consultant to the Company.

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENT

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects" and similar expressions, or that events or conditions "will" or "may" occur. These statements are subject to various risks. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.

SOURCE: Pampa Metals Corp.

View the original press release on accesswire.com

FAQ

What is the value of Pampa Metals' private placement announced in June 2024?

Pampa Metals announced a private placement valued at $2.6 million.

How many units were issued in Pampa Metals' recent private placement?

Pampa Metals issued 9.6 million units in the recent private placement.

At what price were the units in Pampa Metals' private placement offered?

The units in Pampa Metals' private placement were offered at $0.27 each.

What does each unit in Pampa Metals' private placement consist of?

Each unit consists of one common share and a half-purchase warrant.

What is the exercise price and duration of the warrants issued by Pampa Metals?

The warrants can be exercised at $0.50 per share within three years.

What will the proceeds from Pampa Metals' private placement be used for?

The proceeds will fund ongoing exploration at the Piuquenes Copper-Gold Porphyry Project.

When is the closing date for Pampa Metals' private placement?

The private placement is expected to close by June 28, 2024.

What regulatory conditions apply to the securities issued in Pampa Metals' placement?

The securities are subject to a four-month hold period and require Canadian Securities Exchange acceptance.

What were the key drill results reported by Pampa Metals at the Piuquenes Copper-Gold Porphyry Project?

Key results include 801 meters at 0.40% Cu, 0.51 g/t Au, and 2.87 g/t Ag.

Which brokerage firm is associated with the finder's fee for Pampa Metals' placement?

Raymond James will receive a finder's fee for the placement.