- PNG Copper (PNGC) closed a brokered private placement offering, issuing 2 million units for gross proceeds of $100,000.00
- The proceeds will be used for development of the Keveri Project (Doriri Prospect) and general working capital purposes
- The company also paid a combined C$338,000 to settle its debt to two senior managers
- PNG Copper Inc. (PNGC) is down 10.00 per cent trading at C$0.045 at 12:00 pm ET
PNG Copper (PNGC) announced the closing of a brokered private placement and settlement of outstanding indebtedness with senior management.
The company issued 2 million units for gross proceeds of $100,000.00.
Each unit consisted of one Class A common share in the capital of the company and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at an exercise price of C$0.07 per share.
The company paid a cash fee of $9,000.00 and issued 200,000 non-transferable broker warrants to its agent, IBK Capital Corp. Each broker warrant is exercisable to acquire a unit for $0.05 per unit.
The proceeds will be used for development of the Keveri Project (Doriri Prospect) and general working capital purposes.
500,000 common shares were also issued by the company at a deemed price of $0.05 per share to settle a C$25,000 debt owed to a senior manager of the company, and 6,263,285 units at $0.05 per unit to settle a C$313,164.27 debt owed to another senior manager of the company.
PNG Copper is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea.
PNG Copper Inc. (PNGC) is down 10.00 per cent trading at C$0.045 at 12:00 pm ET.
