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TORONTO, Oct. 1, 2015 /CNW/ - Pangaea Flow-Through GP Inc. ("Pangaea") announces that it intends to complete a non-brokered private placement (the "Offering") by Offering Memorandum of up to 100,000 units in the Pangaea Flow-Through Fund 3 Limited Partnership (the "Partnership") at $100 per unit, for gross proceeds of up to $10,000,000.
The Partnership intends to use the proceeds to construct a diversified portfolio of Flow-Through shares (within the meaning of the Income Tax Act (Canada), with a particular emphasis on mining issuers.
In connection with the Offering, the Partnership may pay a fee to certain arm's length parties in consideration for their efforts in introducing subscribers to the Partnership.
The securities to be issued under this Offering will be offered by way of private placement in British Columbia, Alberta, Manitoba, Saskatchewan, and Ontario and such other provinces or territories of Canada as may be determined by Pangaea, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. These securities will be subject to a four-month hold period which will expire four months and one day from the date of the Offering's final closing.
The Offering's initial closing is anticipated to occur on or before October 15, 2015.
No securities commission or other regulatory authority has approved or disproved the information contained herein.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This release contains information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about use of proceeds of the Offering and other terms of the Offering, the ability to satisfy conditions to completion of the Offering, the anticipated closing date of the Offering, mineral resource estimates and corporate and technical objectives. Forward-looking information is based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including risks inherent to the mining industry, adverse economic and market developments and the risks identified in Pangaea's Offering Memorandum. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Readers should not place undue reliance on forward-looking information. All such information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Pangaea disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Pangaea Asset Management Inc.
For further information: Linda Palin, Director, Pangaea Flow-Through GP Inc., Phone: 416-363-5991, e-mail: [email protected]; Web site: www.pangaea-asset.com