| FOR
IMMEDIATE RELEASE March 11,
2008
TSX.V:
PAF
FRANKFURT: P2A
PAN AFRICAN MINING CORP.
CLOSES $5.0 MILLION PRIVATE
PLACEMENT
VANCOUVER, British Columbia
– PAN AFRICAN MINING CORP.
(the “Company”)
is pleased to announce the closing of its
previously announced non-brokered private
placement offering which has raised gross proceeds
of CAD $5,000,000. Under the terms of the private
placement, the Company has issued 2,500,000 Units
(the “Units”) at CAD $2.00 per
Unit. Each Unit
consists of one common share of the Company and
one-half of one share purchase warrant (the
“Warrants”). Each whole Warrant
entitles the subscriber to purchase one additional
common share of the Company for a period of two
years from the closing date at CAD $2.25 per share
for the first year and CAD $2.50 per share for the
second year. The Company
has paid cash finders’ fees of CAD $240,000,
representing 4.8% of the aggregate proceeds of the
offering and 140,000 finders’ warrants
(“Finders’ Warrants”), where
each Finders’ Warrant entitles the holder to
purchase one common share of the Company at CAD
$2.25 per share for the first year and CAD $2.50
per share for the second year.
Of the
2,500,000 Units, 2,000,000 units and the
Finders’ Warrants are subject to a 4-month
hold period expiring July 11, 2008, and 500,000
units are subject to a 4-month hold period
expiring July 12, 2008.
According
to Irwin Olian, CEO of the Company, “We are
grateful for the strong investor support of our
activities in Madagascar and Southern Africa. We
were offered up to CAD $12,000,000 in financing
but concluded that it was in our best interest to
limit the size of the financing to only CAD
$5,000,000 in order to prevent unnecessary
dilution of our shares. At the same time, these
additional funds will now ensure that we will be
able to carry out all of our anticipate
exploration programs for the next 18 months on our
portfolio.”
About Pan
African The Company
is an exploratory resource company with
approximately 7,500 sq. km. of diversified mineral
properties and 5,000 sq. km. of uranium properties
in Madagascar. The Company is exploring these
properties for uranium, gold, coal, precious
stones, base metals and industrial commodities. In
addition, the Company is exploring two large
regions for gold and metals in Mozambique under
agreements with other companies. It also has
approximately 5500 sq. km. of Diamond licenses in
Botswana which it is presently exploring. 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. “Limor
Rubin”
Limor Rubin
CFO & Director For more
information, contact:
| Irwin
Olian, President and CEO E-mail:
tigertail@panafrican.com Phone: (604) 899-0100
Fax: (604) 899-0200
| Tom
Kinakin, Corporate Communications –
Vancouver Email:
tom@panafrican.com Phone: (604)
899-0100 Fax: (604)
899-0200 |
| |
| | Carrie
Howes, Corporate Communications –
London Email:
carrie@panafrican.com
Phone:
+44-7780-602-788 |
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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