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The latest update is out from Pacific Imperial Mines ( (TSE:PPM) ).
Pacific Imperial Mines has entered into agreements to settle $238,807 of debt owed to its CEO Chris McLeod and director Peter Holbek, including geological service fees, by issuing 5,970,170 common shares at a deemed price of $0.04 per share, subject to TSX Venture Exchange approval. The transaction, which qualifies as a related party deal under Canadian securities rules but falls within exemptions from formal valuation and minority approval, will strengthen the company’s balance sheet by converting insider liabilities to equity while modestly diluting existing shareholders and underscoring continued insider support for the exploration-focused miner.
More about Pacific Imperial Mines
Pacific Imperial Mines Inc. is a Vancouver-based mineral exploration company focused on the acquisition, exploration, evaluation and development of mineral properties in jurisdictions it considers to have acceptable risk profiles. The company’s current exploration efforts are centered on the Brownell property in Saskatchewan and the Babine and Fenton properties in British Columbia, positioning it within Canada’s early-stage resource development segment.
Average Trading Volume: 306,478
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$3.72M
Learn more about PPM stock on TipRanks’ Stock Analysis page.