Sprott backed Pacific Minerals files for IPO on TSX Venture

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By Ted Liu

Pacific Empire Minerals Corp., a portfolio company of Sprott Global Resource Investments Ltd., has filed a preliminary prospectus for a proposed initial public offering (IPO) for up to $2 million in gross proceeds in a unit offering priced at $0.20 per unit.

Carlsbad, California based Sprott Global Resource Investments, a wholly-owned subsidiary of Sprott Inc. (TSX: SII), through Exploration Capital Partners 2012 Limited Partnership, owns 22.7% of Pacific Empire Minerals on a undiluted basis.

Pacific Empire Minerals has applied to list its shares on the TSX Venture Exchange.

Haywood Securities Inc. acts as exclusive agent for the offering.

DuMoulin Black LLP and Thorsteinssons LLP are acting as legal and taxation counsel to Pacific Empire Minerals respectively. McCullough O’Connor Irwin LLP acts as legal counsel to the agent.

Vancouver based Pacific Empire Minerals is a mineral exploration company whose principal business is the acquisition and exploration of copper‐gold porphyry properties, with a focus on British Columbia. The company’s material property is the Wildcat Project, consisting of 10 mineral claims covering an area of approximately 5,826 hectares in the Omineca Mining Division of British Columbia.

In addition to the Wildcat option agreement, Pacific Empire Minerals has interests in 9 other mineral properties in British Columbia and employs the “prospect generator” business model whereby it carries out “grassroots”exploration on its mineral properties.

To carry out exploration on its properties, Pacific Empire Minerals has commissioned the manufacture of a portable reverse circulation drill that it intends to use to advance its properties. Delivery of the drill is subject to completion of the offering and is expected to occur in or around September 2017 or as soon as reasonably practicable following closing.

photo credit: Pacific Empire Minerals