American Pacific Mining Increases Financing to C$1.3 Million
American Pacific Mining is increasing its previously announced private placement to C$1.3 million through the issuance of units at $0.10 each. Proceeds will fund exploration at the Tuscarora Gold Project and general working capital.
Vancouver, February 22, 2019 – American Pacific Mining Corp. (CSE: USGD / FWB: 1QC / OTCPK: USGDF) announced it is increasing its previously announced non-brokered private placement to C$1.3 million. The company plans to issue up to 13,000,000 units at $0.10 per unit, with the financing expected to close next week.
Each unit consists of one common share and one-half of a warrant. Each whole warrant allows the holder to purchase an additional common share for $0.20 within 12 months of closing. The exercise period for the warrants may expire earlier if, after four months from closing, the share price is above $0.25 for five consecutive trading days.
The company intends to use the proceeds for exploration at its Tuscarora Gold Project in Nevada and for general working capital. All securities issued are subject to a four-month hold period.
American Pacific Mining is a gold explorer focused on precious metal opportunities in the Western United States. The Tuscarora project is an early-stage, high-grade gold property.