Pershimco Resources Inc.: Closing of a $1,000,000 Financing
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 11/10/10 -- Pershimco Resources Inc. ('Pershimco' or the 'Corporation') (TSX VENTURE: PRO) (FRANKFURT: BIZ) is proud to announce the closing of its private placement with strategic individual investors, Quebec's institutions and the Quebec government for subscriptions representing $1,000,000, for the issuance of a total of 2,857,141 units of the Corporation (the 'Units'), the whole, subject to the final approval of the TSX Venture Exchange and regulatory authorities.
Each Unit consists of 1 class 'A' common share of the Corporation (the 'Common Shares') and one-half warrant (the 'Warrant'). Each full Warrant entitles the holder thereof to purchase 1 Common Share at an exercise price of $0.50 per Common Share, for a 12 month period from the date of issuance of the Warrant. Each issued Common Share and Warrant is subject to a 4 month holding period. A finder's fee of $37,500 was paid to Achrisia America Inc. within the scope of the private placement.
Mr. Alain Bureau, President and CEO of Pershimco, states: 'We are pleased to have Quebec's main institutional funds as partners in our exploration efforts and also part of a positive development and economy.'
The proceeds from the financing will be namely used as an exploration investment on the Quebec Courville project, and will also be used toward the Corporation's working capital.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America, including the recently acquired Cerro Quema advanced project in Panama (100 % ownership) and the Courville Gold Project in the Val-d'Or Gold Mining Camp. The Corporation is managed by skilled, reputable individuals with extensive mining exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
Neither the 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 news release. Statements made in this news release that are not historical facts are 'forward-looking statements' and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these 'forward-looking' statements.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive Officer
819-797-2180
ressources@pershimco.ca