This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Plains Creek Announces Closing Of Second Half Of Brokered Private Placement Raising Combined Total Gross Proceeds Of $3,250,000

(all dollar amounts in Canadian dollars)

VANCOUVER, March 8, 2012 /PRNewswire/ - Further to its news releases dated December 20, 2011 and January 17, 2012, Plains Creek Phosphate Corporation (" Plains Creek", the " Company") (TSX-V: PCP) is pleased to announce the closing of the second tranche (the " Second Tranche") of its brokered private placement raising gross proceeds of $1,625,000, which is the final half of a larger offering (the " Offering") raising total gross proceeds of $3,250,000.  BMO Capital Markets (the " Agent") acted as the agent for the Offering.

The full Offering consisted of 40,625,000 units (the " Units") at a price of $0.08 per Unit for gross proceeds of $3,250,000.  Each Unit consists of one common share of the Company (a " Common Share") and one-half of one Common Share purchase warrant (a " Warrant").  Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.11 for a period of 18 months from the date of issuance.

Under this Second Tranche, the Agent received a cash fee on the sale of the Units of $67,500 and 1,218,750 broker warrants (" Broker Warrants"). Each Broker Warrant is exercisable to purchase one common share of the Company at a price of $0.08 at any time up to 24 months after closing.  Tabac Ventures Limited, a company affiliated with Aterra Capital, an investment fund which is currently being established by Alexey Mordashov, participated in the Offering.

The securities issued in connection with the Second Tranche are subject to a statutory four month hold period expiring July 9, 2012, during which time the securities may not be traded.

The proceeds from the Offering will be used to complete a Definitive Feasibility Study on the Farim Phosphate Project (the " Project"), fund additional working capital and for general and administrative corporate purposes.

NI 43-101 Compliant Technical Report:

The Company's current technical report (the " Technical Report") for its Farim Phosphate Project prepared in accordance with National Instrument 43-101 (" NI 43-101") is entitled, "Technical Report on the Preliminary Economic Assessment of the Farim Phosphate Project, Guinea-Bissau" dated effective February 10, 2010, and was filed under the Company's profile on SEDAR at on February 22, 2011.  The Technical Report was prepared for the Company by John S. Warwick, B.Sc. (Hons) PIMMM, C.Eng., Eur.Ing. (Mining) of IMC Group Consulting Limited; Andre Lambert, B.Sc., MIMMM, EurGeol of IMC Group Consulting Limited; Alex Mitchell, MIMMM, C.Eng. of GBM Minerals Engineering Consultants Limited; and Michael Short, FIMMM, C.Eng. of GBM Minerals Engineering Consultants Limited, all of whom are independent Qualified Persons as defined under NI 43-101.

About Plains Creek Phosphate Corporation:

Plains Creek Phosphate Corporation is a Canadian mining and exploration company focused on advancing its Farim Phosphate Project located in Guinea-Bissau, West Africa.  The Project consists of a high-quality development phosphate deposit containing a NI 43-101 compliant measured phosphate resource of 69 million tonnes (" Mt") grading 29.9% P 2O 5, an indicated resource of 15 Mt grading 30.1% P 2O 5, and an inferred resource of 44 Mt grading 29.6% P 2O 5.  The Project has a 25 year mining plan of 68 Mt phosphate grading 29.9% P 2O 5, as disclosed in the Company's NI 43-101 compliant Technical Report.  The Company is currently undertaking a Definitive Feasibility Study and has been granted a Production License from the Government of Guinea-Bissau to pursue a strategy towards phosphate rock production of 2 Mt per annum for a minimum of 25 years, starting in 2014.  Based on the Technical Report, estimated costs before contingency include capital costs of US$288 million and operating costs of US$60 per tonne.  The Company's shares are listed on the TSX Venture Exchange under the trading symbol "PCP".  For additional information, please visit us at


(signed) " Carson Phillips " Carson Phillips Vice-President, Corporate Development and Director

Cautionary Statement

Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs