Paget Minerals Corp.

Paget Minerals Corp.

January 10, 2011 15:29 ET

Paget Minerals Closes $1.0M Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that the Company has completed a non-brokered flow-through private placement for aggregate gross proceeds of $1,000,000.

Paget issued 4,000,000 flow-through units at a price of $0.25 per unit ("FT Units"). Each FT Unit comprises one flow-through common share and one half share purchase warrant. Each whole warrant (the "Warrants") will be exercisable for a period of 18 months at a price of $0.53 per share. The shares are subject to a hold period of four months and one day, expiring May 25, 2011.

A cash commission of $65,000 was paid to a finder, being 6.5% of the gross proceeds of the financing, and options entitling the finder to purchase 280,000 units of the Company, representing 7% of the FT Units placed. Each unit issuable is exercisable for a period of 24 months at a price of $0.25 per unit and is comprised of one (1) non flow-through common share of the Company and one-quarter (1/4) of a Warrant. Each whole warrant is exercisable on the same terms as the Warrants issued to subscribers of the financing.

The private placement closed in December 2010 and the proceeds will be applied to the Company's Canadian exploration properties.

About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the development of a diverse range of precious metal, base metal and rare earth element projects in British Columbia and Colombia. Main projects in BC are: Chist Creek, Cabin, and Mt. Dunn.

On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, 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.

Contact Information

  • Paget Minerals Corp.
    David Volkert
    President & CEO
    778-327-6546 (FAX)