May 9, 2022
Vancouver – May 6, 2022 – Vancouver, British Columbia – Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE: PM) is pleased to announce that it has closed the second tranche of a private placement offering of 1,660,666 units (“Units”) at a price of $0.30 per Unit for gross proceeds of $498,200. Together with the first tranche of the private placement, the Company issued a total of 5,447,366 Units for gross proceeds of $1,634,210. Each Unit is comprised of one common share and one-half of one common share purchase warrant of the Company. Each whole warrant (a “Warrant”) is exercisable into one common share of the Company at an exercise price of $0.50 per share for a period of 24 months from the closing date. The Company may reduce the exercise period of the Warrants to 30 days from the date the Company provides notice to the warrant holders that the weighted average trading price of the common shares of the Company on the Canadian Securities Exchange is $0.90 or greater for a period of 10 consecutive trading days.
Proceeds of the Private Placement will be used for the ongoing work programs on the Company’s Chilean projects, including drilling, and for general corporate purposes.
In connection with the Private Placement, the Company paid finders fees of up to 8% in cash and 8% in finder warrants from the sale of Units to third parties sourced by the finders. Each finder’s warrant will entitle the holder to purchase one common share of the Company at a price of $0.50 per share for a period of 24 months from the closing date.