Plains Creek announces closing of second half of brokered private placement raising combined total gross proceeds of $3,250,000
08 Marzo 2012 - 9:00AM
PR Newswire (Canada)
(all dollar amounts in Canadian dollars) VANCOUVER, March 8, 2012
/CNW/ - Further to its news releases dated December 20, 2011 and
January 17, 2012, Plains Creek Phosphate Corporation ("Plains
Creek", the "Company") is pleased to announce the closing of the
second tranche (the "Second Tranche") of its brokered private
placement raising gross proceeds of $1,625,000, which is the final
half of a larger offering (the "Offering") raising total gross
proceeds of $3,250,000. BMO Capital Markets (the "Agent")
acted as the agent for the Offering. The full Offering consisted of
40,625,000 units (the "Units") at a price of $0.08 per Unit for
gross proceeds of $3,250,000. Each Unit consists of one
common share of the Company (a "Common Share") and one-half of one
Common Share purchase warrant (a "Warrant"). Each whole
Warrant entitles the holder thereof to purchase one Common Share at
a price of $0.11 for a period of 18 months from the date of
issuance. Under this Second Tranche, the Agent received a cash fee
on the sale of the Units of $67,500 and 1,218,750 broker warrants
("Broker Warrants"). Each Broker Warrant is exercisable to purchase
one common share of the Company at a price of $0.08 at any time up
to 24 months after closing. Tabac Ventures Limited, a company
affiliated with Aterra Capital, an investment fund which is
currently being established by Alexey Mordashov, participated in
the Offering. The securities issued in connection with the Second
Tranche are subject to a statutory four month hold period expiring
July 9, 2012, during which time the securities may not be traded.
The proceeds from the Offering will be used to complete a
Definitive Feasibility Study on the Farim Phosphate Project (the
"Project"), fund additional working capital and for general and
administrative corporate purposes. NI 43-101 Compliant Technical
Report: The Company's current technical report (the "Technical
Report") for its Farim Phosphate Project prepared in accordance
with National Instrument 43-101 ("NI 43-101") is entitled,
"Technical Report on the Preliminary Economic Assessment of the
Farim Phosphate Project, Guinea-Bissau" dated effective February
10, 2010, and was filed under the Company's profile on SEDAR at
www.sedar.com on February 22, 2011. The Technical Report was
prepared for the Company by John S. Warwick, B.Sc. (Hons) PIMMM,
C.Eng., Eur.Ing. (Mining) of IMC Group Consulting Limited; Andre
Lambert, B.Sc., MIMMM, EurGeol of IMC Group Consulting Limited;
Alex Mitchell, MIMMM, C.Eng. of GBM Minerals Engineering
Consultants Limited; and Michael Short, FIMMM, C.Eng. of GBM
Minerals Engineering Consultants Limited, all of whom are
independent Qualified Persons as defined under NI 43-101. About
Plains Creek Phosphate Corporation: Plains Creek Phosphate
Corporation is a Canadian mining and exploration company focused on
advancing its Farim Phosphate Project located in Guinea-Bissau,
West Africa. The Project consists of a high-quality
development phosphate deposit containing a NI 43-101 compliant
measured phosphate resource of 69 million tonnes ("Mt") grading
29.9% P(2)O(5), an indicated resource of 15 Mt grading 30.1%
P(2)O(5), and an inferred resource of 44 Mt grading 29.6%
P(2)O(5). The Project has a 25 year mining plan of 68 Mt
phosphate grading 29.9% P(2)O(5), as disclosed in the Company's NI
43-101 compliant Technical Report. The Company is currently
undertaking a Definitive Feasibility Study and has been granted a
Production License from the Government of Guinea-Bissau to pursue a
strategy towards phosphate rock production of 2 Mt per annum for a
minimum of 25 years, starting in 2014. Based on the Technical
Report, estimated costs before contingency include capital costs of
US$288 million and operating costs of US$60 per tonne.
The Company's shares are listed on the TSX Venture Exchange under
the trading symbol "PCP". For additional information, please
visit us at www.plainscreek.com. ON BEHALF OF THE BOARD (signed)
"Carson Phillips" Carson Phillips Vice-President, Corporate
Development and Director Cautionary Statement Statements in this
release may be viewed as forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no
assurances the Company can fulfill such forward-statements and the
Company undertakes no obligation to update statements. Such forward
looking statements are only predictions; actual events or results
may differ materially as a result of risks facing the Company, some
of which are beyond the Company's control. 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. Plains
Creek Phosphate Corporation CONTACT: Carson PhillipsVice-President,
Corporate Development and DirectorTelephone: (604) 569-0721E-mail:
cphillips@plainscreek.com
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