CORRECTION FROM SOURCE: Pacific Minerals Closes CDN$9.2 Million Financing.Business Editors BEIJING--(BUSINESS WIRE)--Dec. 19, 2003 A financing announcement distributed on December 15, 2003, contained some incorrect share and ownership statistics that are restated correctly in this release. Pacific Minerals Inc. (TSXV:PMZ PMZ Palmar, Costa Rica (Airport code) ) announced today that it has closed the two private placement financings, totalling CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $9.2 million, that were announced on October 24, 2003. The first private placement consists of three million units at a price of $1.60 per unit, for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $4.8 million. Each unit consists of one common share and one-half of a common-share purchase warrant. Each whole warrant is exercisable for one common share at a price of $2.20 per share for two years. The second private placement, consisting of 2.5 million units at a price of $1.75 per unit, for net proceeds to Pacific Minerals of $4.375 million, was purchased by Ivanhoe Mines Ltd. Each unit consists of one common share and one common-share purchase warrant. Each warrant is exercisable for one common share at a price of $2.20 per share for two years. The common shares are subject to a four-month hold period until April 13, 2004. Pacific Minerals now has approximately 45.6 million shares issued and outstanding, and approximately 58.7 million fully-diluted. Ivanhoe Mines owns 35.5% of Pacific Minerals' issued and outstanding shares, and 43.9% on a fully-diluted basis. The funds will be used to advance Pacific Minerals' mineral exploration and development projects in China and Mongolia, and for general corporate purposes. Pacific Minerals is focused on the exploration and development of precious and base metals (platinum, palladium, gold, nickel, and copper) in China and Mongolia. Pacific Minerals' most advanced projects are the 217 Gold Project in Inner Mongolia Inner Mongolia Chinese Nei Mongol or Nei-meng-ku Autonomous region (pop., 2002 est.: 23,790,000), China. Stretching some 1,800 mi (2,900 km) across north-northeastern China, it has an area of 454,600 sq mi (1,177,500 sq km); its capital is Hohhot. and the JBS JBS John Birch Society JBS Journal of Biosocial Science JBS Journal of Business Strategies JBS Johnson Behavioral System JBS Johanson-Blizzard Syndrome JBS Journal of British Studies JBS Jamaica Bureau of Standards JBS Journal of Biomolecular Screening Platinum/Palladium Project in Yunnan Province Noun 1. Yunnan province - a province of southern China Yunnan Cathay, China, Communist China, mainland China, People's Republic of China, PRC, Red China - a communist nation that covers a vast territory in eastern Asia; the most populous country in the world . The company also is conducting exploration work on prospective properties in Yunnan, Liaoning, Guizhou and Inner Mongolia, in China. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements in this release that are forward-looking statements, including the exploration and development of the company's mineral projects in China and Mongolia, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy or this release. |
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