PFN pads coffers

Vancouver — Pacific North West Capital (PFN-T) has arranged a non-brokered private placement for $2 million, with proceeds earmarked for platinum group metals projects in Ontario and Alaska.

The financing consists of up to 2.5 million units, each of which constitutes one share at a purchase price of 80 and half a non-transferable share purchase warrant. A whole warrant entitles the holder to buy one additional share for $1 for 18 months. A finder’s fee of 7% may be paid in cash or shares.

PNWC is exploring the River Valley and Agnew Lake projects, which are joint-ventured with Anglo American Platinum (AAPTY-Q). Anglo Platinum has funded a $5.3-million phase-6 drilling program on River Valley and stands to earn a 65% interest by funding it through to production. In Alaska, PNWC has a joint-venture agreement with Lonmin (LNMIY-O), the world’s third-largest primary underground producer of platinum group metals. Last year, Lonmin spent US$920,000 exploring the Union Bay project in Alaska.