American Pacific introduces new strategic investor
Precious metals explorer and developer American Pacific on Tuesday announced that it would raise C$1.02-million in a private placement with investor Michael Gentile.
The company, which focuses on opportunities in the western US, said it would complete a private placement of up to 8 181 964 units, at C$0.125 each, with Gentile.
“We are very pleased to welcome Michael Gentile as a strategic investor as exploration and drilling ramps up at our Madison project and we advance our other high-grade precious metals exploration projects in Nevada during the second half of the year,” commented American Pacific CEO Warwick Smith.
Gentile added in a statement that the past producing Madison mine had “tremendous unrecognised high-grade copper and gold potential”.
With Kennecott, a division of Rio Tinto, fully funding an expanded exploration programme for 2021 the significant potential of the Madison project should become much more clear to investors, he noted.
“This cornerstone joint venture will allow American Pacific to move the project forward without any further dilution to its shareholders benefiting from up to an additional $25-million of spending by Kennecott over the remaining term of the joint venture agreement. While Madison alone should drive significant value over the coming years the additional 100%-owned Nevada assets and growth-focused management team make American Pacific a very attractive company at a very modest current valuation.”
On closing of the private placement and on a partially-diluted basis, Gentile will own 19.99% of the company’s issued and outstanding shares.
Gentile is currently a strategic adviser to Arizona Metals and a director of Northern Superior Resources, Roscan Gold, Radisson Mining Resources and Solstice Gold.
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