/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE
VANCOUVER, Sept. 23 /CNW/ - Pebble Creek Mining Ltd. (the "Company") announces that it has completed a second and final closing of the previously announced non-brokered private placement (the "Private Placement") by issuing a further 13,584,955 units ("Units") at a price of $0.07 per Unit for gross proceeds of $950,947, bringing the total number of Units sold under the Private Placement to 15 million Units for gross proceeds of $1,050,000.
Each Unit consisted of one common share of the Company and one common share purchase warrant of the Company ("Warrant"). Each Warrant issued on the final closing entitles the holder thereof to purchase one common share of the Company at a price of $0.15 until September 22, 2011.
In connection with the closing, the Company has granted to four purchasers of an aggregate of 12,520,670 Units who are at arm's length to each other and to the Company, the right to collectively nominate two individuals for election to the Company's Board of Directors at the Company's annual general meeting of shareholders for a term of two years commencing from the closing date.
The common shares and Warrants comprising the Units issued pursuant to the final closing, and the common shares underlying these Warrants, are subject to a hold period which expires on January 23, 2010.
Subject to TSX Venture Exchange approval, the Company will also pay a finder's fee in cash in the amount of $76,275 in respect of Units sold with the finder's assistance.
The Private Placement is subject to the final approval of the TSX Venture Exchange.
The net proceeds from the Private Placement will be used for exploration and development of the Company's projects and for working capital.
The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("1933 Act") or any state securities laws, and may not be offered or sold in the United States unless registered under the 1933 Act or unless an exemption from registration is available.
Neither 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.
SOURCE Pebble Creek Mining Ltd.
For further information: For further information: Andrew Nevin, President & CEO, Telephone: (604) 696-6101; Mike Romanik, Investor Relations, Verenex Capital Corp., Telephone: (204) 724-0613