VANCOUVER,
Oct. 13, 2011 /PRNewswire/ - Pacific
North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J)
(the "Company") is pleased to announce a non-brokered private
placement consisting of up to 2,500,000 units of non-flow-through
units ("NFT Units") at a purchase price of $0.20 per unit and up to 10,000,000 flow-through
("FT Units") at a purchase price $0.22 per FT Unit.
Each NFT Unit will consist of one fully paid and
non-assessable common share in the capital of the Company and
one-half of one share purchase warrant ("NFT Warrant"), each whole
NFT Warrant entitling the holder thereof to purchase one additional
non-flow-through common share of the Company at a price of
$0.30 for a period of 18 months from
the closing date, subject to accelerated expiry; such expiry being
accelerated to 30 days in the event the Company's shares have
closed at or above a price of $0.50
per share for 10 consecutive trading days on the Toronto Stock Exchange ("TSX").
Each FT Unit will consist of one fully paid and
non-assessable common share in the capital of the Company and
one-half of one share purchase warrant ("NFT Warrant"), each whole
NFT Warrant entitling the holder thereof to purchase one additional
non-flow-through common share of the Company at a price
$0.32 for a period of 18 months,
subject to accelerated expiry; such expiry being accelerated to 30
days in the event the Company's shares have closed at or above a
price of $0.55 per share for 10
consecutive trading days.
The FT proceeds from the private placement
received from the sale of FT Units will be used for the further
development of the River Valley PGM Project located in the
Sudbury region of Ontario (see news releases dated Aug 4, 2011, Aug.
16 and Sept. 27, for
additional information please visit the Company's website:
www.pfncapital.com). The NFT proceeds will also be used as working
capital for the additional projects that the Company currently
holds in its portfolio situated in Ontario, British
Columbia and Alaska, and
for the acquisition of additional platinum group metals and
precious metals projects in Canada
and the United States.
A finder's fee may be paid. The foregoing is
subject to regulatory approval.
About Pacific North West Capital
Corp.
Pacific North West Capital Corp. (TSX: PFN;
OTCQX: PAWEF; FSE: P7J) is a mineral exploration company whose
corporate philosophy is to be a project generator, explorer and
project operator with the objective of option / joint venturing its
projects through to production. In January
2011, Pacific North West Capital successfully negotiated the
100% acquisition of the River Valley PGM Project from Anglo
Platinum Limited, making Anglo Platinum the largest shareholder of
PFN holding approximately 9% of the Company (as of January, 2011).
In special situations, like our 100% owned River Valley PGM
Project, the Company is prepared to fund the project through to
feasibility and on to production. The River Valley PGM project is
one of North America'ʹs newest and
largest primary platinum group metals (PGM) deposits. The project
has an excellent infrastructure and is located 60 mile from
Sudbury, Ontario.
In addition, PFN is a significant shareholder of
Fire River Gold Corp (TSX.V: FAU) which company is developing the
Nixon Fork Gold Mine in Alaska,
with production having commenced in July
2011. The Company is also a controlling shareholder in Next
Gen Metals Inc. (TSX.V: N)
Pacific North West Capital Corp. is well funded
with an experienced management team and the ability to take
advantage of its growing asset base in Platinum Group Metals and
precious metals. To that end, the Company is in the process of
adding key technical and financial people to our management,
advisory team and our board of directors. PFN has approximately
$6.0 million in working capital and
securities and no debt.
Pacific North West Capital Corp. is an
International Metals Group Company.
(www.internationalmetalsgroup.com).
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release
Disclaimer: This news release may contain
certain "Forward-Looking Statements" within the meaning of Section
21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with The Toronto Stock
Exchange, British Columbia Securities Commission and the United
States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.