Pershimco Resources Inc.: First Closing of a Private Placement and Extension of the Due Diligence Period for Cerro Quema
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 06/22/10 -- Pershimco Resources Inc. (the 'Corporation' or 'Pershimco') (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to announce the first closing of its private placement for subscriptions representing $1,565,712, for the issuance of a total of 6,262,846 class 'A' common shares of the Corporation (the 'Common Shares'). Following the performance of the Corporation's activities, the terms and conditions of the private placement announced April 13, 2010 have been modified in order to better reflect the current market price, namely a subscription price of $0.25 per unit, as opposed to $0.17 per unit, the whole, subject to the final approval of the TSX Venture Exchange and regulatory authorities.
Each unit will consist of 1 Common Share and 1 warrant (the 'Warrant'). Each Warrant will entitle the holder thereof to purchase 1 Common Share at an exercise price of $0.40 per Common Share, for a 12 month period from the date of issuance of the Warrant. Each issued Common Share and Warrant will be subject to a 4 month holding period.
Furthermore, the Corporation announces that it has entered into an extension agreement (the 'Extension Agreement') to the letter of intent relating to the proposed acquisition of up to 85% of the shares of Minera Cerro Quema S.A., a Panamanian company owned by Bellhaven Copper and Gold Inc. ('Bellhaven') (TSX-V: BHV), as announced on December 31, 2009 (the 'Letter of Intent'). The Parties have agreed to extend the due diligence period for an adequate period of time to allow the completion of the drill program and a 43-101 resources compliance report. Pershimco has mobilized a drill rig in Panama and already began its process of twin-drilling the historical exploration work on the property leading to a 43-101 resources compliance report. Results of these drill holes will be available soon.
'The strong relationship with Bellhaven's management and the recent signature of the free trade agreement between Canada and Panama points toward a bright future for mining projects in this part of the world. Our team is on the ground working fast and we already have hundreds of meters drilled in the LaPava gold bearing dome', commented Mr. Alain Bureau, Eng., President and Chief Executive Officer of the Corporation.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic properties located in Quebec, Canada and in the state of Chihuahua, Mexico.
The properties include a 100% interest in the highly prospective Courville Gold Project located in the Val-d'Or/Malartic Gold Mining Camp in Quebec. The Camp has historically produced 25 million ounces of gold. The Corporation also holds a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining Camp. The Corporation has the option to increase its interest in the project to 70%, based on an agreement entered into with its partner Dia Bras Exploration Inc. Furthermore, the Corporation holds a 100% interest in the polymetallic (copper-silver-gold-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
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.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive Officer
819-797-2180