February 21, 2011 Vancouver,
Canada -- Pacific North West Capital Corp. (TSX: PFN; OTCBB:
PAWEF; Frankfurt: P7J) (the "Company") is pleased to
announce a non-brokered private placement of up to 10,000,000
units at a purchase price of $0.30 per unit for gross proceeds
of up to $3,000,000. Each unit will consist of one common share
in the capital of the Company and one-half of one share purchase
warrant, each whole Warrant entitling the holder thereof to
purchase one additional common share of the Company for one year
at a price of $0.35.
A portion of all the units may be flow-through units and will be
priced a $0.35 cents per unit. Each unit will consist of one
common share in the capital of the Company and one-half of one
share purchase warrant, each whole Warrant entitling the holder
thereof to purchase one additional non flow-through common share
of the Company at $0.45 for a period of one year.
The proceeds from the private placement received from the sale
of the units will be used for the further development of the
River Valley PGM Project located in the Sudbury region of
Ontario (see news release dated January 31, 2011); the Destiny
Gold Project, located approximately 75 km north of Val d'Or in
the Abitibi-Témiscamingue region, Québec (see news release dated
January 24, 2011); and the Rock and Roll project located in the
Liard Mining District approximately 9 km west of the Bronson
airstrip and exploration camp in northern British Columbia (see
press release dated October 27, 2010). The project hosts
precious metals rich, volcanogenic massive sulphide
mineralization in a volcano-sedimentary host rock package. The
mineralization shows similarities to the gold and silver rich
mineralization of Barrick Gold's past producing Eskay Creek
mine; Part of the proceeds from the financing will also be used
for the advancement of the additional projects that the Company
currently holds in its portfolio situated in Québec, Ontario,
Saskatchewan and Alaska, and for the acquisition of additional
platinum group metals, precious metals and base metals projects
in Canada, the United States and Africa.
A finder's fee may be paid. The foregoing is subject to
regulatory approval.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF;
Frankfurt: P7J.F) is a mineral exploration company whose
corporate philosophy is to be a project generator, explorer and
project operator with the objective of option / joint venturing
its projects through to production. The River Valley PGM project
is one of North America's newest and largest primary platinum
group metals (PGM) deposits. The project located in the Sudbury
region of Ontario.
On January 31, 2011, Pacific North West Capital successfully
negotiated the 100% acquisition of the River Valley PGM Project
from Anglo Platinum Limited, making Anglo Platinum the largest
shareholder of PFN holding approximately 12% of the Company (see
news release dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101 mineral
resource estimate on the Destiny Gold Project which is situated
75 km near Val-d'Or, Québec (see news release dated January 24,
2011). The Destiny Project is under option from Alto Ventures
Ltd. Under the terms of the option agreement, PFN can earn a 60%
interest in the property over a four year period by completing
$3.5 million in exploration expenditures, paying $200,000 and
providing a total of 250,000 PFN shares to Alto. The Company is
also advancing a polymetallic project in the Iskut River region
of British Columbia. PFN is also a significant shareholder of
Fire River Gold Corp
(FAU:TSX.V) which company is developing the
Nixon Fork Gold Mine in Alaska, which is slated for
production in summer of 2011.
Pacific North West Capital Corp. is well funded with an
experienced Management team and the ability to take advantage of
its growing assets based in Platinum Group Metals, gold and base
metals. To that end, the Company is in the process of adding key
technical and financial people to our management, advisory team
and our board of directors. Prior to completion of the of the
February 21 2011 offering, PFN has approximately $6.6 million in
working capital and securities.
Pacific North West
Capital Corp. is a member of the International Metals Group
of Companies (www.internationalmetalsgroup.com). |
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On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further information, please contact our Investor Relations
Department at Toll Free 1-800-667-1870
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time
with The Toronto Stock Exchange, British Columbia Securities
Commission and the United States Securities & Exchange
Commission. Not to be construed as an offer to buy or sell
securities of this company.
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