ENERMAD CORP. ("EnerMad"), has now closed a further private funding with a raise of CAD $1.28 Million from a group which includes management, institut
ENERMAD CORP. (“EnerMad”), has now closed a further private funding with a raise of CAD $1.28 Million from a group which includes management, institutions and private investors. 2,484,455 Common Shares were sold in the non-brokered private placement at prices of $0.50 and $0.55, for gross proceeds of $1,281,950. An aggregate of $3,001,378 has now been raised by EnerMad to date. A total of 11,873,785 Shares of EnerMad are now issued and outstanding, of which the Company owns 13%.
EnerMad was founded by the Company with a view toward acquiring favorable oil and gas leases offshore and onshore in Madagascar and elsewhere in Africa. Proceeds of the private placement will be utilized to acquire oil leases and for exploration, as well as for operating expenses and working capital. In addition to direct acquisition of leases, EnerMad may enter into one or more joint ventures to participate in oil leases controlled by other companies. EnerMad contemplates proceeding with an initial public offering as soon as practicable after finalization of the oil leases. Currently, EnerMad has applications pending for oil and gas leases with L’Office des Mines Nationales et des Industries Strategiques (“OMNIS”). OMNIS is a government agency of the Malagasy State charged with oversight and administration of the country’s strategic resources of uranium and hydrocarbons.
The management of EnerMad is comprised of a number of leading oil men from Calgary, Alberta, with over 100 years’ aggregate experience in exploration, development and exploitation of petroleum properties internationally. The team is headed by Jim Dalsin, CEO & Director; Soren Christiansen, Chairman; Paul Sicotte, Corporate Secretary & Director; and Ken Schubert, P.Geoph., Senior GeoPhysicist. Limor Rubin, C.A. serves as Chief Financial Officer & Director. In addition, Irwin Olian, CEO and Chairman of the Company, serves as a Director of EnerMad.
EnerMad recently incorporated a 100% owned subsidiary in Madagascar, EnerMad Sarl. Mr. James Dalsin is statutory manager of EnerMad Sarl, Mr. Fanomenzana Ramboasalama serves as local manager. EnerMad Sarl serves as EnerMad’s operating subsidiary in Madagascar.
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 5,500 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for gold, uranium, coal, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP.
Irwin Olian Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations.
Pan African Mining Corp. Suite 1925, Box 11553 650 West Georgia Street Vancouver, BC V6B 4N8
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