Palamina arranges $2.5-million private placement

Executive Summary

• Palamina Corp. announced a non‑brokered private placement of up to 20 million units at $0.125 per unit, targeting gross proceeds of up to $2.5 million.
• Each unit consists of one common share and one warrant (exercisable at $0.20 per share for 24 months, with possible acceleration if the stock trades ≥ $0.35).
• Net proceeds will be used to advance the Galena silver‑copper‑manganese project, the Usicayos gold project, and for general corporate and working‑capital purposes.

Key Details

• Offering size: Up to 20 million units (each = 1 common share + 1 warrant).
• Purchase price: $0.125 per unit.
• Maximum gross proceeds: $2,500,000.
• Warrant terms:
• Exercise price: $0.20 per share.
• Initial term: 24 months from closing date.
• Acceleration clause: If TSX‑V stock trades at ≥ $0.35 on a VWAP basis over any 10‑day period, the company may shorten the warrant expiration to 30 days after a press release announcing such acceleration.
• Use of proceeds:
• Advancement of the Galena silver‑copper‑manganese project (Peru).
• Development of the Usicayos gold project (Puno, Peru).
• General corporate and working‑capital purposes.
• Regulatory condition: Offering subject to acceptance of regulatory filings by the TSX Venture Exchange.
• Finder’s fees & warrants: Company may pay cash finders’ fees and issue additional warrants to eligible persons in compliance with securities laws and applicable policies.
• Share structure: Palamina has 71,634,836 shares outstanding; trades on TSX‑V (PA) and OTCQB (PLMNF).

Notable Quotes

(No executive quotes were provided in the release.)