Toronto, Ontario - Pacific Comox Resources Ltd. (TSXV: PCM) reports it is carrying out a C$375,000 non-brokered private placement of secured, non-convertible, promissory notes. The funds raised will be used to advance the Company’s test of its gold/silver heap leach at the Mabel project in northern Sonora State, Mexico, and general corporate purposes. The financing is subject to regulatory approval.
The notes mature on June 30, 2016 and are secured by a pledge of the Company’s Mexican properties. In lieu of interest, Comox will, for each $100,000 invested, make a quarterly payment equal to 1.60% of the cash value of gold and silver recovered from a test sampling of the Company’s Mabel property in Mexico less a charge of US$ 300 per gold equivalent ounce recovered. The cash payments will commence following the first calendar quarter of 2013 and be made within 60 days of that first quarter and within 30 days of the end of each quarter thereafter. No finder’s fees are payable in connection with the financing.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada Accepts responsibility for the adequacy or accuracy of this release.
For further information please contact Donald Empey at tel: 416 977 4653, fax: 416 977 8335, email at [email protected] or [email protected] or visit Pacific Comox’s website at www.pacificcomox.com.