Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

December 21, 2009 13:43 ET

Pershimco Resources Announces its Intent to Proceed With a Private Placement, the Granting of Stock Options and the Issue of Shares for Debt

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 21, 2009) - Pershimco Resources Inc. (the "Corporation") (TSX VENTURE:PRO) (FRANKFURT:BIZ) announces its intent to realize a private placement for subscriptions amounting to a minimum of $1,250,000 and a maximum of $2,000,000, for a subscription price of $0.15 per unit, subject to the approval of the TSX Venture Exchange and regulatory authorities.

Each unit will consist of one Class "A" share of the Corporation (the "Common Share") and one warrant (the "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 per Common Share, for a 24 month period from the date of issuance of the Warrant. Each issued Common Share will be subject to a 12 month holding period.

Following a decision of the Board of Directors, 500,000 stock options have been granted to the Corporation's active members at an exercise price of $0.15 per Common Share, for a 5 year period. Moreover, the Board of Directors, always in accordance with its Stock Option Plan, has granted an additional 800,000 stock options to certain of its officers, employees and consultants, at an exercise price of $0.15 per Common Share, for a 5 year period.

Insiders having received stock options are: Mr. Alain Bureau, President and Director (500,000); Mr. Roger Bureau, Chairman of the Board of Directors (300,000); Mr. Jacques Fortin, Director (50,000), Mr. Jean Lafleur, Director (50,000), Mr. Claude Arcand, Director (50,000) and Mr. Luc Fortin, Director (50,000).

Finally, subject to the approval of the TSX Venture Exchange and other regulatory authorities, the Corporation will proceed with the issuance of the following 2,000,000 Common Shares at a price of $0.15 per Common Share in partial reimbursement of realized works and investments reflected in the Corporation's financial statements: 666,666 Common Shares issued to 143454 Canada Ltd., a corporation held by Mr. Roger Bureau, for works and investments completed on the Courville property for a total of $100,000 and 1,333,334 Common Shares issued to Recursos Mexcan S.A. de C.V., a corporation held by Mr. Alain Bureau and Mr. Roger Bureau, for works and investments completed in Mexico for a total of $200,000.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic properties located in Quebec, Canada and in the state of Chihuahua, Mexico.

The properties include a 100% interest in the highly prospective Courville Gold Project located in the Val-d'Or/Malartic Gold Mining Camp in Quebec. The Camp has historically produced 25 million ounces of gold. The Corporation also holds a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining Camp. The Corporation has the option to increase its interest in the project to 70%, based on a new agreement entered into with its partner Dis Bras Exploration Inc. Furthermore, the Corporation holds a 100% interest in the polymetallic (copper-silver-gold-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.

The Corporation's documents are available on www.sedar.com.

For more information, please visit the Corporation's website at www.pershimco.ca.

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.

Contact Information

  • Alain Bureau, Eng.
    President and Chief Executive Officer
    819-797-2180