PGM Ventures Corporation
TSX VENTURE : PPG

PGM Ventures Corporation

July 13, 2005 12:44 ET

PGM Ventures Corporation-Press Release

TORONTO, ONTARIO--(CCNMatthews - July 13, 2005) - PGM Ventures Corporation (TSX VENTURE:PPG) - PGM Ventures Corporation ("PGM") is pleased to announce it has signed a mandate letter with Investec Bank (UK) Ltd ("Investec") to arrange and underwrite a US$65 million financing for Minas de Aguas Tenidas SA, its wholly owned Spanish subsidiary and the owner of the Aguas Tenidas mine, located in SW Spain.

The final size of the financing facility will be dependent on project economics, but is currently anticipated by Investec and PGM to be as follows:

a) A term loan facility of up to US$60 million, and

b) A convertible debt facility of US$5 million.

The US$65 million facility is conditional on the satisfactory completion of: i) the Aguas Tenidas feasibility study, expected in September, ii) the bank's normal due diligence procedures, and iii) legal documentation.

In addition, the final terms of this financing are subject to TSX Venture Exchange approval.

PGM is listed on the TSX Venture Exchange and has 68,924,585 shares issued and outstanding. To find out more about PGM Ventures Corporation (TSX-V: PPG), please call Peter Miller at (416) 815-8666.

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