Here is the News Release:
PacificOre plans $137,000 private placement
2013-01-31 18:33 ET - News Release
Mr. Patrick O'Brien reports
PacificOre Mining Corp. has arranged, subject to regulatory approval, a private placement of up to 1,385,715 units at a price of seven cents per unit and 500,000 units at a price of eight cents per unit for total proceeds of $137,000. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the company. Of the warrants, 1,385,715 are exercisable at 14 cents per share and 500,000 are exercisable at 15 cents per share if exercised within a period of 48 months.
The company has agreed to pay finders' fees in respect to all or a portion of the proceeds accepted per the policies of the TSX Venture Exchange. The proceeds from the financing will be used for general operating capital.
We seek Safe Harbor.
Correct me if I am wrong, but wasn't the reason for the splitting off of Lac Dore and the Iron T to attract serious investors who would move these projects forward and be more cost-effective for the Apella/PacificOre Shareholders? Why has this strategy not worked? Don't tell me that those with the Big Bucks are reading Stockhouse to see what the merits of a companies resources are. Also, please correct me if I am wrong, but have not all the small private placements actually caused a dilution for the common shareholder?
I wonder what kind of a finder's fee was paid on this placement and to whom.
Dirty: We are al are asking about the drilling even members of the original Apella Club!