Pershimco Completes a $ 3M Financing
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 05/12/11 -- PERSHIMCO RESOURCES INC. (the 'Company' or 'Pershimco') (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to announce that it has completed a non-brokered private placement of 6,000,000 class 'A' common share of the capital stock of the Company (the 'Common Share') at a price of $0.50 per Common Share and totaling an aggregate gross proceeds of $3,000,000, the whole subject to the final approval of the TSX Venture Exchange and regulatory authorities.
The private placement is made in Canada to an 'accredited investor' (as that term is defined under National Instrument 45-106 - Prospectus and Registration Exemptions) or pursuant to other applicable prospectus and registration exemptions. All Common Shares issued pursuant to the private placement will be subject to a mandatory four (4) month plus one (1) day holding period.
Pershimco plans to invest the net proceeds of the private placement in the Cerro Quema project located in Panama and for general working capital purposes.
'Investors have demonstrated their confidence. Pershimco's projects are productive and its shareholders will reap the benefit of the quality of our properties', said Mr. Alain Bureau, President and CEO of Pershimco.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (TSX VENTURE: PRO) and the Frankfurt Exchange (FRANKFURT: BIZ). The Company holds several mining properties in Canada and South America including the recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. The Company is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our 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
1 (819) 797-2180
ressources@pershimco.ca