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PMI Gold Raises $7.5 Million to Expand Drilling at Obotan and Kubi Gold Projects, Ghana
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
March 16, 2010 – Vancouver BC – PMI Gold Corporation (TSX.V:PMV) – (“the Company”) is pleased to report that the private placement announced on January 14, 2010 to raise a minimum of $3.0 million by placing up to 20.0 million common shares of the Company at $0.15 per common share, has been oversubscribed. Subscriptions have now been received from accredited investors for a total of $7,534,660 comprising the issuance of 50,231,066 common shares at $0.15 per common share. Commissions of up to 6 2/3% are payable on a portion of the subscriptions. The private placement is subject to receipt of necessary stock exchange approvals.
The Company also reports that certain shareholders of the Company arranged a sale of 4.3 million shares of the Company through the facilities of the TSX Venture Exchange, and a further 8.0 million shares thru the Alpha Trading System, at a price of $0.15 per share, the proceeds of which will be used to fund a portion of the above noted private placement.
Proceeds from the private placement will be used to expand the current drilling program at our Obotan project, which comprises three previous producing mines and two un-mined gold deposits. The program at Obotan will include infill drilling for resource upgrading/database confirmation and additional drilling to target gold mineralization down dip of previous mining, as well as for the completion of a maiden NI43-101 gold resource estimate.
At Kubi, additional drilling will also target the new 513 Zone gold discovery (located 1.2 km west of our Kubi Main gold deposit*) and numerous other high priority auger geochemical/geophysical targets. The Company also plans to complete high resolution airborne geophysics over numerous defined geochemical/structural targets on our Ashanti II gold project, followed up over the ensuing year by auger and RC/diamond drill testing. The balance of funds raised will be used to commence an application to co-list PMI Gold on the Australian Stock Exchange (“ASX”) and for general working capital.
The Company is also pleased to report that on closing of this financing, Macquarie Bank Limited (“Macquarie”) of Australia will hold a 13.4% interest in the issued capital of the Company. Macquarie is a leading provider of services and products to the global resources industry including equity, debt and mezzanine financing and has over 15 years experience in funding gold projects in West Africa. Macquarie has been a cornerstone/major investor in a number of successful West African gold companies including RedBack Mining, Perseus Mining and Adamus Resources, amongst others, assisting them to advance from the development stage through to production.
In addition, PMI Gold has entered into a corporate advisory engagement with Hartleys Limited of Perth, Western Australia. As part of the engagement, Hartleys will act as Lead Broker to an Initial Public Offering (“IPO”) of the Company on the ASX. Hartleys is a leading Australian resource broker.
Douglas R. MacQuarrie, President and CEO commented: “The strong support given to PMI Gold by Macquarie and Hartleys with the initial raising of $7.5 million provides confidence that we are on the right track to expand our gold resources and develop production at our Ghana gold projects. Australian investors and companies have an excellent track record of success in developing gold projects in West Africa and ASX listed companies are rewarded with high market valuations for in-situ gold resources. We look forward to commencing the next phase of our transformation from an explorer to a producer with strong shareholders and an international advisory group located in Africa, Europe, Australia, and North America.”
On behalf of the Board,
“Douglas R. MacQuarrie”
President & CEO
* Kubi NI 43-101 gold resource: 604,085 oz Indicated; 316,079 oz Inferred – please see http://www.pmigoldcorp.com/i/pdf/Kubi_Preliminary_Assessment_May08.pdf
For further information please contact:
Douglas MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089 Toll-Free: 1 (888) 682-8089 Facsimile: 1 (604) 682-8094
or for European Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814, e-mail: firstname.lastname@example.org Or visit the PMI Gold Corporation website at www.pmigoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. We Seek Safe Harbour.
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