Pacific Topaz announces closing of non-brokered private placement
VANCOUVER, June 6, 2014 /CNW/ - Pacific Topaz Resources Ltd. (TSXV: PPZ.H)
("Pacific Topaz" or the "Company") announces that further to its news release
dated May 5, 2014, it has closed its non-brokered private placement of
4,000,000 units at a price of $0.07 per unit for gross proceeds of $280,000.
Each unit consists of one common share and one full common share purchase
warrant. Each whole common share purchase warrant is exercisable at $0.10 per
common share until June 4, 2015.
The securities issued in connection with this private placement are subject to
a four month statutory hold period expiring on October 5, 2014
Proceeds will be used for general working capital and for continuing to
research opportunities in the natural resources sector.
The Company also announces that pursuant to the private placement, Radcliffe
Corporation, a company owned and controlled by Frank Giustra, acquired 790,000
units at a price of $0.07/unit which consists of 790,000 common shares,
representing 7.10% of the issued and outstanding common shares and 790,000
warrants representing 16.69% of the issued and outstanding warrants of the
As a result of the acquisition of securities described above, Radcliffe
Foundation, a charitable organization controlled by Frank Giustra, and
Radcliffe Corporation hold in aggregate, 1,590,000 common shares of the
Issuer, representing 14.30% of the current issued and outstanding shares of
the Issuer and would own 2,380,000 common shares, representing 19.98% on a
partially diluted basis, assuming exercise of the 790,000 warrants held by
The Company has also been advised that pursuant to the private placement,
Gordon Keep acquired 400,000 units at a price of $0.07/unit which consists of
400,000 common shares, representing 3.60% of the issued and outstanding common
shares of the Issuer and 400,000 warrants representing 8.45% of the issued and
outstanding warrants of the Issuer. Mr. Keep has ownership and control over
As a result of the acquisition of securities described above, Gordon Keep, GBK
Investments (a corporation beneficially owned and controlled by Mr. Keep), The
Keep Children (holdings, which Mr. Keep has trading authority and direction
over but not beneficial ownership) and The Kinder Dream Foundation (a
charitable Foundation that Mr. Keep has control and direction over but not
ownership) ("Related Entities") hold in aggregate 859,816 shares, representing
7.73% of the current issued and outstanding shares of the Company, and would
own 1,832,554 common shares, representing 15.15% of the then-issued and
outstanding shares of Pacific Topaz on a partially diluted basis, assuming
exercise of the 110,000 options and 862,738 warrants held by the Related
Entities mentioned above.
The Company has been advised that Radcliffe Foundation and Radcliffe
Corporation as well as Gordon Keep and his Related Entities acquired these
securities for investment purposes and has no present intention to acquire
further securities of the Company, although they may in the future acquire or
dispose of securities of the Company, through the market, privately or
otherwise, as circumstances or market conditions warrant
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC TOPAZ RESOURCES LTD.
"Michael Kennedy" President & CEO
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.
SOURCE Pacific Topaz Resources Ltd.
Michael Kennedy, President & CEO, Tel: (604) 609-6110
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CO: Pacific Topaz Resources Ltd.
ST: British Columbia
-0- Jun/06/2014 20:44 GMT
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