Pan African Mining Corp. Receives Additional $1.09 Million From Exercise of Warrantsadmin
PAN AFRICAN MINING CORP. announces the receipt of CAD $1,091,000 in aggregate proceeds from the exercise of 545,500 Share Purchase Warrants during the period from February 21, 2007 to date. Included were One-Half Share Purchase Warrants exercisable at CAD $2.00 which comprised part of the Units which were issued in connection with the Company’s Private Placement that closed on October 3, 2005.
According to Irwin Olian, CEO of the Company, “It is gratifying to see the continued support of our investor base reflected in the recent Warrant exercises. These exercises have the effect of removing a short-term overhang from our share market, as well as creating the Company’s strongest cash position since inception, now nearly $9.0 million. These additional funds will allow us to continue with our aggressive program of exploration across the mineral spectrum in Madagascar, as well as step up our exploratory programs in Mozambique and other parts of Southern Africa.”
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 5,500 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for gold, coal, uranium, precious stones, base metals and industrial commodities. In addition, the Company is exploring two properties for gold and metals in Mozambique under a Joint Venture. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PAN AFRICAN MINING CORP.
“Irwin Olian” Irwin Olian
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations.
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For more information, contact:
Irwin Olian President and CEO Email: Email Contact Phone: (604) 899-0100
Fax: (604) 899-0200
Tom Kinakin Corporate Communications – Vancouver Email: Email Contact Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes Corporate Communications – London Email: Email Contact
Pan African Mining Corp. Suite 1925, Box 11553 650 West Georgia Street Vancouver, BC
Source: Pan African Mining Corp.