TSX–V: PPZ.H
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 Company.
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 Radcliffe Corporation.
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 these securities.
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.