Pershimco Resources Inc.

Pershimco Resources Inc.

February 02, 2010 10:11 ET

Pershimco Resources Announces the Second Closing of its Private Placement for a Total Financing of $1,720,000

ROUYN-NORANDA, QUEBEC--(Marketwire - Feb. 2, 2010) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is proud to announce the second closing of its private placement for subscriptions representing $445,000, with the issuance of a total of 2,966,666 Class "A" common shares of the Corporation (the "Common Shares") at a subscription price of $0.15 per unit, subject to the final approval of the TSX Venture Exchange and regulatory authorities. This second closing finalizes a total private financing of $1,720,000.

Each unit consists of 1 Common Share and 1 warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase 1 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 is subject to a 4 month holding period.

Within the scope of the proposed acquisition of the Cerro Quema project in Panama, Pershimco mobilized professionals of its exploration team over the past 2 weeks with the objective of gathering the necessary documents to complete a high level due diligence review beginning this week by experts of the Canadian division of Scott-Wilson Roscoe Postle Associates Inc., an international geological and mining consulting firm.

An initial study of the documents gathered to date by Pershimco's professional team seems to indicate a normal status of all mining concessions and a financial situation similar to what was presented to Pershimco during preliminary negotiations.

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 an agreement entered into with its partner Dia 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

For more information, please visit the Corporation's website at

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, P. Eng.
    President and Chief Executive Officer