ProAm Explorations arranges $150,000 private placement

Executive Summary

• ProAm Explorations Corp. announced a private placement financing of up to $150,000 through the issuance of 1,000,000 units at $0.15 per unit.
• Each unit consists of one common share and half of a transferable warrant (full warrant exercisable at $0.20 for two years).
• CEO Jason Cubitt will subscribe for up to 350,000 units ($52,500 gross proceeds), constituting a related‑party transaction that will be reported under MI 61‑101.

Key Details

• Financing Structure: 1,000,000 units @ $0.15 per unit = maximum gross proceeds of $150,000.
• Unit Composition: 1 common share + ½ transferable warrant; each full warrant exercisable at $0.20 per share for a two‑year period from issuance.
• Related Party Subscription: Jason Cubitt (CEO & director) to purchase up to 350,000 units, providing $52,500 of the total proceeds.
• Use of Proceeds: General working capital and potential new acquisition/option opportunities.
• Regulatory Compliance: Transaction qualifies for exemptions under sections 5.5(a) and 5.7(a) of MI 61‑101; insider participation will not exceed 25 % of the fair market value of market capitalization.
• Reporting Requirements: Company will file a material change report with the TSX Venture Exchange concerning the related‑party transaction.
• Approval Condition: Private placement is subject to approval by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)