|May 18, 2011|
Paget Minerals Announces Closing of $1.1m Private Placement
Vancouver, British Columbia -- May 18, 2011, Paget Minerals Corp. (TSX-V: PGS), ("Paget" or the "Company") today announced that it has completed its previously announced non-brokered private placement for aggregate gross proceeds $1,150,000.
Paget issued 5.0 million units at a price of $0.23 per unit. (the "Common Units"), each consisting of one common share (a "Common Share") of Paget and one whole common share purchase warrant (a "Common Unit Warrant") Each whole Common Unit Warrant will be exercisable for a period of 24 months at a price of $0.35 per share. The shares are subject to a hold period of four months and one day, expiring September 17, 2011. In the event that the 20-day volume weighted average price of the Common Shares on the TSX-V is greater than $0.35 at any time following the Common Unit Closing Date, the Company may accelerate the expiry date of the Common Unit Warrant by giving notice to the holders thereof and in such case the Common Unit Warrant will expire on the 30th day after the date on which such notice is given by the Company.
A commission totalling $50,000 cash was paid to two finders and 250,000 finder's warrants exercisable at $0.35 with a 2-year term was paid to one of those finders.
The net proceeds received by Paget from the Offering of Common Shares will be used for exploration and development activities and general corporate purposes.
About Paget Minerals Corp.
Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the advancement of a diverse range of precious metal and copper projects in British Columbia, Mexico and Colombia, all under active exploration with principal projects in B.C. including Ball Creek, Chist Creek, Icy Lake, Fae and Slam.
On Behalf of the Board of Paget Minerals Corp.,
"David F. Volkert"
President & CEO
You can view the Next News Releases item: Tue Aug 23, 2011, Paget Minerals' Option Partner Rare Earth Industries Samples High Grade Rare Earths Including 10.86% Treo At Mount Bisson
You can view the Previous News Releases item: Tue Apr 19, 2011, Paget Minerals Announces Private Placement
You can return to the main News Releases page, or press the Back button on your browser.