Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

December 17, 2009 11:13 ET

Pershimco Resources Announces the Closing of Its Flow-Through Private Placement

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 17, 2009) - Pershimco Resources Inc. (the "Corporation") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce to its shareholders the closing of its non-brokered flow-through private placement for subscriptions representing $275,000, for a total of 1,375,000 common shares issued to a number of individual investors for a subscription price of $1,000 per unit, namely $0,199 per common share, subject to the final approval of the TSX Venture Exchange and other regulatory authorities.

Each unit will consist of 4,000 flow-through common shares at $0.199 per common share, 1,000 non-flow-through common shares at $0.199 per common share and 5,000 non-flow-through common share purchase warrants at $0.001 per warrant. Each warrant will entitle the holder thereof, during a period of 24 months from the date of issuance of the warrant, to purchase 1 common share at an exercise price of $0.30 per common share. Each issued common share will be subject to a contractual 12 month holding period.

As announced in the Corporation's press release on December 9th, this financing will enable the Corporation to complete a compilation project of all information regarding its recent acquisitions in the province of Quebec. This project is aimed at confirming that the geological environment of the new acquisitions is the same as that present on the claim block already owned.

Moreover, the Corporation reserves a portion of these funds to increase its work surface on the Courville project. New acquisitions are useful in enabling the Corporation to realize a future revision of the geological map and allow the development of various indices on the property.

Finally, the Corporation is currently actively evaluating new projects in Latin America. With a strong presence in Mexico, the Corporation intends to use the full potential of the infrastructures it has put in place over the last few years in order to evaluate quality projects which have not been fully developed in various countries of Latin America. The Corporation intends to profit from the current conjuncture of opportunities offered as both acquisition and financing opportunities. The price of gold having established new records, the Corporation is primarily searching for advanced gold mining projects.

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

  • Pershimco Resources Inc.
    Alain Bureau, Eng.
    President and CEO
    819-797-2180