Prima Fluorspar Corp. Announces a Non-Brokered Private Placement of up to $1,000,000
04.02.2014 | Presse Minen
VANCOUVER, February 04, 2014 - Prima Fluorspar Corp. (TSX-V: PF) ("Prima" or the "Company") announces a non-brokered private placement issuing 10,000,000 Units ("Units") at C$0.10 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per share for two years from closing.All of the securities are subject to a hold period of four months and may also be subject to certain escrow provisions as required by the regulatory authorities and the TSX Venture Exchange. Finder's fees may be payable in connection with this private placement.
Prima is in final negotiation of a share purchase agreement to acquire Delgerkhaan, a prolific past-producing fluorspar mine in Mongolia owned by funds affiliated with Firebird Management LLC via RTO transaction (please see Prima's September 3, 2013 news release).
Proceeds will be primarily dedicated to the RTO transaction, for continued work on the Company's Liard Fluorspar property and for general corporate purposes.
Firebird Management LLC
Firebird is one of the top performing funds globally with a focus on emerging markets. Their Firebird Fund, founded in 1994 has a net cumulative return of 4,543%.
Firebird has been working in Mongolia for over 8 years and has a 40-person office in the Mongolian capital Ulaan Baatar. Firebird recently received a $10 million loan facility from the European Bank for Reconstruction and Development (EBRD) for its Sharyn Gol coal mine to supply washed coal and smokeless fuel briquettes which will significantly reduce the pollution in the Mongolian capital. http://www.news.nom.co/sharyn-gol-jsc-obtains-10-million-usd-7773944-news/
Mongolia and the Resource Sector
Mongolia is rich in fluorspar with 139 fluorspar deposits and 700 identified fluorspar prospects.
Mongolia has recently proved its commitment and support for foreign resource investment through the passage of their liberal investment law effective November 1, 2013 which passed by an 83% majority.
About Prima and the RTO Tranaction
Upon completion of this transaction, Prima would emerge as a significant fluorspar company having near-term production and cash flow potential with Firebird as its major shareholder. Upon completion of the RTO transaction James Passin, Firebird's fund manager will become the Chair of Prima's Board of Directors.
For more information, please contact Tyler Lowes at 604-681-1568 or via email tlowes@primafluorspar.com. Please visit our website @ http://primafluorspar.com/.
We look forward to hearing from you.
ON BEHALF OF THE BOARD PRIMA RESOURCES CORP.
"Robert Bick"
Robert Bick, President and CEO
Tel: 604.681.1568
rbick@primafluorspar.com
Neither the 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.
Disclaimer for Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. Forward looking statements in this news release include the completion of the reverse takeover, acquisition of the Delgerkhaan mine and the reference to near term production and cash flow potential. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
