Pacific Asia China Energy Inc. Completes First Tranche Of $10 Million Non-Brokered Private Placement
Pacific Asia China Energy Inc. (“PACE”) (TSX VENTURE: PCE) announces that it has completed the first tranche of a $10 million dollar non-brokered private placement announced on March 22, 2007. A total of $5.4 million was raised from the first closing for institutional investors. The second closing will complete within 10 days.
The offering consists of units at C$.55 per unit. Each unit includes 1 common share and 1/2 common share purchase warrant. Each full warrant entitles the holder to purchase one common share of PACE at an exercise price of C$.65 for a period of twenty-four months following the closing of the financing. The warrants will not be listed on any Exchange.
All shares and warrants issued from this offering will be subject to a hold period of four months from the date of issuance. Proceeds will be used for the planned pilot drilling program at the Company’s Guizhou CBM project (see news release March 15, 2007) and for general working capital.
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