PGM Ventures Corporation

PGM Ventures Corporation

November 18, 2005 12:14 ET

PGM Ventures Corporation Press Release

TORONTO, ONTARIO--(CCNMatthews - Nov. 18, 2005) - PGM Ventures Corporation (TSX VENTURE:PPG) ("PGM") announces that it has completed, pursuant to a share purchase agreement dated August 12, 2005 (the "Share Purchase Agreement"), the sale to Porphyry Inc. (the "Purchaser") of 12,000,000 common shares (the "Purchased Shares") in the capital of Simberi Gold Corporation (the "Corporation") representing approximately 12.7% of the issued and outstanding common shares of the Corporation. The Purchaser acquired the common shares at a price of $0.045 per Purchased Share or an aggregate purchase price of $540,000.

Under the Share Purchase Agreement, PGM has also agreed to sell to the Purchaser, and the Purchaser has agreed to purchase from PGM, an additional 18,000,000 common shares (the "Additional Shares") of the Corporation at a price of $0.049 per share or an aggregate purchase price of $882,000. The Purchaser will acquire the Additional Shares as such shares are released from escrow with all of the Additional Shares expected to be released from escrow by April 14, 2007. The Additional Shares represent approximately 19.1% of the issued and outstanding common shares of the Corporation. Until the sale of all of the Additional Shares is completed, PGM has agreed to exercise all voting rights attaching to the Additional Shares in accordance with the written direction of the Purchaser.

After the sale of the Purchased Shares, PGM owns or controls an aggregate of 18,000,000 common shares of the Corporation representing approximately 19.1% of the outstanding common shares of the Corporation. Upon completion of the sale of the Additional Shares, PGM will no longer own any shares of the Corporation.

To find out more about PGM Ventures Corporation (TSX VENTURE:PPG), please contact Peter Miller or Norman Brewster 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 or Norman Brewster
    (416) 815-8666