POWER METALLIC ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR AGGREGATE GROSS PROCEEDS OF C$50 MILLION
Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that it has closed its previously announced "best efforts" private placement offering (the "Offering") for aggregate gross proceeds of C$49,999,800. Under the Offering the Company issued (i) 14,135,000 flow-through shares (the "FT Shares") at a price of C$2.83 per FT Share, for gross proceeds of C$40,002,050, and (ii) 6,895,000 non-flow-through common shares (the "HD