VANCOUVER, March 31 /CNW/ - Pacific North West Capital Corp. (TSX: PFN,
OTCBB: PAWEF, Frankfurt: P7J) (the "Company") announces that further to its
news release dated March 17, 2008, the Company is pleased to announce that it
has completed its non-brokered private placement and has issued 6,000,000
flow-through units at a price of $0.50 per unit for gross proceeds of
$3,000,000. Each unit consisted of one flow-through common share in the
capital of the Company and one-half of one non-transferable, non flow-through
share purchase warrant. Each whole Warrant entitles the holder to purchase one
additional non flow-through common share for a period of twelve months from
the closing date at a price of $0.60 per warrant share.
In addition, the Company has also issued 700,000 units to Stillwater
Mining Company at a purchase price of $0.50 per unit for gross proceeds of
$350,000. Each unit consisted of one common share in the capital of the
Company and one-half of one non-transferable share purchase warrant. Each
whole Warrant entitles the holder to purchase one additional common share for
a period of twelve months from the closing date at a price of $0.60 per
The proceeds of the private placement received from the sale of the
flow-through shares will be used for drilling and exploration on the Company's
PGM and Nickel projects in Canada.
In connection with this closing, the Company has paid an aggregate of
$75,000 and has issued 210,000 common shares and 300,000 share purchase
warrants as a finder's fee. Each whole warrant entitles the holder to purchase
one additional common share for a period of twelve months from the date of
closing at a price of $0.60 per warrant share.
In compliance with Canadian securities law, all of the securities issued
in connection with this private placement are subject to a hold period which
will expire August 1, 2008.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
mineral exploration company focused on Platinum Group Metals (PGMs) and Base
Metals. Management's corporate philosophy is to be a Project Generator,
Explorer and Project Operator with the objective of option/joint venturing
projects with major mining companies through to production. To that end,
Pacific North West Capital's current option/joint ventures agreements are with
Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, First Nickel,
Benton Resources and SOQUEM.
The Company has over $11 million in working capital and securities.
On behalf of the Board of Directors
President 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.
For further information:
For further information: Tel: (604) 685-1870, Fax: (604) 685-8045,
Email: firstname.lastname@example.org, or visit www.pfncapital.com, 2303 West 41st
Avenue, Vancouver, B.C., Canada, V6M 2A3