News Release late February 1st:
2013-02-01 17:17 ET - News Release
Mr. Patrick O'Brien reports
PacificOre Mining Corp. has amended its news release of Jan. 31, 2012. The company has arranged, subject to regulatory approval, a private placement of up to 1,957,143 units at a price of seven cents per unit, with no units issued at eight cents each at this time, 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. The warrants are exercisable at 14 cents, if exercised within a period of 48 months. All shares issued with respect to this private placement will be subject to a hold period of four months as per the policies of the TSX Venture Exchange.
The company has agreed to pay finders' fees in respect to all or a portion of the proceeds accepted as per the policies of the TSX Venture Exchange. The proceeds from the financing will be used for general operating capital.
We seek Safe Harbor.
I was wondering,at the time, how some placements of the same transaction coud be at 7 cents and others at 8 cents. How pleased would you have been to purchase at 8 cents while others purchased at 7 cents? It would be interesting to know who was to purchase what.
Another interesting observation is that a prior placement that talked about funds being used to further exploration has not been documented on the PC's website that I can see, while the one for general operation has been. Wonder what general operation means and how different it is to further exploration.
I was wondering, for those long term shareholders, can you share what the rational was for the name change from Nova West to Apella. Perhaps Sandy, Venture or others can remember the reasons given at the time.
There seems to be some conjecture by posters that we may hear soon of a drilling announcement. Could these individuals advise whether these conclusions were drawn from communciations that suggested they would have to await a news release and/or that a spokesperson was not at liberty to share more information?
I guess only time will tell whether the placements result in anything constructive. The question I have is how much money is required to perform a legitimate drill program of substance and subsequent required analysis to move the company significantly forward.
Ivan, that is great news about the price of Vanadium going up, if the company actually gets something worthwhile off the ground.
Always looking for constructive comments and reactions.