On February 15, 2007, Pan African Mining Corp. completed its previously announced non-brokered private placement offering which raised gross proceeds of $5 million. Under the terms of the private placement, the Company issued two million Units at $2.50 per Unit.
Each Unit consists of one Common Share of Pan African Mining and one-half of one share purchase warrant. Each whole Warrant entitles the holder to purchase one additional Common Share of the Company at $3.00 until February 15, 2009.
Funds from the private placement will be used by Pan African Mining to carry out its budgeted exploration programs in Madagascar over the next 18 months and for working capital.
Charlotte Bell of Fasken Martineau advised Pan African Mining in this transaction.