Palamina plans $2.5 million private placement for project funding

Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) announced a non-brokered private placement offering of up to 20 million units at $0.125 per unit, seeking aggregate gross proceeds of up to $2.5 million.

Each unit consists of one common share and one warrant. The warrants are exercisable at $0.20 per share for 24 months from closing, with an acceleration provision if the stock trades at $0.35 per share on a volume weighted average basis over 10 consecutive days.

The company stated it will direct net proceeds toward advancing its Galena silver copper manganese project and Usicayos gold project, along with general corporate and working capital purposes.

The offering requires TSX Venture Exchange acceptance of regulatory filings. Palamina may pay cash finder's fees and warrants to eligible persons under applicable securities laws and regulatory policies.

The Toronto-based exploration company operates copper-silver assets in southeastern and northeastern Peru and gold projects in the Puno Orogenic Gold Belt. Palamina has 71,634,836 shares outstanding.

The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.

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