TSX: PFN OTCQX: PAWEF Frankfurt: P7J
VANCOUVER, Nov. 21, 2011 /CNW/ - Pacific North West Capital Corp. (TSX: PFN) (OTCQX: PAWEF) (Frankfurt:
P7J) (the "Company") is pleased to confirm that it has closed the second and
final tranche of the non-brokered private placement, announced in its
October 13, 2011 news release, for gross proceeds of $2,119,640.
In its second tranche, the Company issued 486,500 Non Flow-Through Units
at $0.20 per unit for gross proceeds of $97,300, with each unit
consisting of one common share in the capital of the Company and
one-half of one non-transferable share purchase warrant, each whole
warrant entitling the holder thereof to purchase one additional common
share of the Company for a period of 18 months at an exercise price of
Also in its second tranche, the Company issued 1,117,000 Flow-Through
Units ("FT Unit") at $0.22 cents per unit for gross proceeds of
$245,740, with each FT Unit consisting of one common share in the
capital of the Company and one-half of one non-transferable non
flow-through share purchase warrant, each whole warrant entitling the
holder thereof to purchase one additional non flow-through common share
of the Company for a period of 18 months at an exercise price of $0.32.
In the first tranche of the placement, the Company issued 8,075,452
Flow-Through units at $0.22 per unit for gross proceeds of $1,776,600,
as announced in its October 26, 2011 news release.
All securities issued pursuant to the first tranche closing are subject
to a hold period expiring February 27, 2012.
All securities issued pursuant to the second tranche closing are subject
to a hold period expiring March 22, 2012.
In connection with the closing of both tranches of the financing, the
Company has paid finder's fees of $62,474 in cash. The foregoing is
subject to final regulatory approval.
The proceeds from the flow-through portion of the private placement will
be used to evaluate and continue the exploration drill program at the
River Valley PGM Project located in the Sudbury region of Ontario.
The proceeds from the non flow-through will be used as working capital
for the additional projects that the Company currently holds in its
portfolio situated in Ontario, British Columbia and Alaska, and for the
acquisition of additional platinum group metals and precious metals
projects in Canada and the United States.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; FSE: P7J) is a
mineral exploration company whose corporate philosophy is to be a
project generator, explorer and project operator with the objective of
option/joint venturing its projects through to production. In January
2011, Pacific North West Capital successfully negotiated the 100%
acquisition of the River Valley PGM Project from Anglo Platinum
Limited, making Anglo Platinum the largest shareholder of PFN holding
approximately 9% of the Company (as of January, 2011). In special
situations, such as our 100% owned River Valley PGM Project, the
Company is prepared to fund the project through to feasibility and on
to production. The River Valley PGM project is one of North Americaʹs
newest and largest primary platinum group metals (PGM) deposits. The
project has an excellent infrastructure and is located 100 kms from
In addition, PFN is a significant shareholder of Fire River Gold Corp
(TSX.V: FAU) which company is developing the Nixon Fork Gold Mine in
Alaska, with production having commenced in July 2011. The Company is
also a controlling shareholder in Next Gen Metals Inc. (TSX.V: N),
whose core project is the Destiny Gold Project near Val d'Or, Quebec.
Pacific North West Capital Corp. is well funded with an experienced
management team and has the ability to take advantage of its growing
asset base in Platinum Group Metals and precious metals. To that end,
the Company is in the process of adding key technical and financial
people to our management, advisory team and our board of directors. PFN
has approximately $6.0 million in working capital and securities and no
Pacific North West Capital Corp. is a member of the International Metals
Group of Companies (www.internationalmetalsgroup.com).
On behalf of the Board of Directors
Chairman and CEO
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
Disclaimer: This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein are forward-looking
statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with The
Toronto Stock Exchange, British Columbia Securities Commission and the
United States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.
For further information:
Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: firstname.lastname@example.org, or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3