PGM Ventures Corporation

PGM Ventures Corporation

March 23, 2006 15:54 ET

PGM Ventures Corporation Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) -

Not for distribution to U.S. news services or for dissemination in the United States

PGM Ventures Corporation (TSX VENTURE:PPG) - The board of PGM Ventures Corporation ("PGM") is pleased to announce the completion of a private placement for the sale of 9,252,200 common shares (the "Shares") of PGM at C$0.70 per Share for gross proceeds of C$6,476,540. The Shares are subject to a four-month hold period expiring on July 24, 2006.

Under an agency agreement dated March 23, 2006 entered into between PGM and Haywood Securities Inc. ("Haywood"), Haywood, together with the selling group members, Canaccord Capital Corporation ("Canaccord") and MGI Securities Inc. ("MGI"), received a cash commission of C$526,509.36 and agent's option certificates, which will entitle Haywood, Canaccord and MGI at any time until September 23, 2007 to subscribe for an aggregate of up to 925,220 Shares.

PGM will use the net proceeds of the private placement for working capital purposes.

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.

Contact Information

  • PGM Ventures Corporation
    Peter Miller
    (416) 815-8666
    PGM Ventures Corporation
    Norm Brewster
    (416) 815-8666