Papuan Precious Metals Advances $100,000 for Strategic, Near-Term Production Iron Ore Project
17.03.2015 | Marketwire
KELOWNA, BRITISH COLUMBIA -- (Marketwired - Mar 17, 2015) - Papuan Precious Metals Corp. (the "Company") (TSX VENTURE:PAU) is pleased to announce that it will advance US$100,000 as a deposit on an agreement to form a joint venture with Singapore based Juniper Capital Partners to acquire a 50% interest in a large Iron Ore project. The Company intends to advance up to US$375,000 to the joint venture to acquire the interest in the project. The project is located outside of North America and significant exploration has been previously undertaken on the project. The Company will provide an updated news release upon completion of an initial agreement.FINANCING
The Company intends to undertake a $CDN 500,000 private placement financing, which may be partially brokered and partially non-brokered, at C$.05 per share. Finder's fees of 7% payable in cash or shares may be paid upon closing.
ON BEHALF OF THE BOARD
Dev Randhawa
CEO
Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of joint venture agreement or financing, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of the agreement and financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals, including receipt of the appropriate permits and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Papuan Precious Metals Corp.
Greg Downey
1.866.979.7022
info@ppmpng.com