Petro Horizon Closes First and Second Tranches of $1,000,200 Non-Brokered Equity Financing
(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
The financing consists of:
- 835,000 units at $0.30 per unit. (non flow through units) Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.50 per share for a period of up to eighteen months from the closing date of the private placement. - 2,142,000 units at $0.35 per unit (flow through units). Each of these will consist of one common flow-through share and one 1/2 share purchase warrant. Each full share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.50 per share for a period of up to eighteen months from the closing date of the private placement.
The Company has received TSX Exchange approval to close on a total of 724,300 non-flow through units for total gross proceeds of
The Company also advises that it has received subscriptions for a total of 432,571 flow through units for total gross proceeds of
The remainder of the offering is expected to close in the near term and is subject to approval by the TSX Venture Exchange.
The proceeds of this financing will be used to finance the 2010 work program on the Brazil Lake Lithium Rare Metals Project, in addition to general corporate purposes.
About Brazil Lake Lithium Rare Metals Project
The 3,160 acre property is located approximately 30 kilometres north of
The two identified lithium and rare metal bearing pegmatite dikes that appear at the surface have been defined by drilling as being up to 20 meters wide and having exposed lengths of up to 300 meters. The deepest drill hole intersected the dikes at 50 meters depth. Both pegmatites remain open at depth and future drilling in the upcoming work program will attempt to extend the depth of the dikes to a minimum of 100 meters.
The signature dispersal train of pegmatite boulders identifying the currently drilled pegmatites will assist in identifying three other boulder fields indicating potential pegmatite targets. Geochemical surveys have assisted in the identification of these additional targets. It is well known that pegmatites occur in swarms, and therefore the company plans to carry out a detailed prospecting program to source other potential targets, in addition to the drilling program on the two currently established dikes.
The Lithium on the property is hosted by the mineral spodumene which makes up approximately 14 to 20% of the pegmatites. The lithium oxide (Li(2)O) content in the spodumene is approximately 7.4% to 7.7%.
Contained Rare Metals
On Behalf of the board of directors "Ron Bourgeois" Ron Bourgeois, President
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SOURCE Petro Horizon Energy Corp.