VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - PACIFIC IMPERIAL MINES INC. (the "Company") (TSX VENTURE:PPM.H) has closed its non-brokered private placement offering of $350,000 announced on January 15, 2013.
A total of 7,000,000 units were issued at a price of $0.05 per unit. Each unit consisted of one (1) common share and one (1) non-transferrable share purchase warrant; each warrant entitles the holder to purchase one (1) additional common share at a price of $0.10 per share for a period of 12 months.
Finders' fees totalling $10,500 on $150,000 of the placement were paid. In addition, finders' warrants were issued entitling the Finder to purchase a total of 210,000 common shares for a period of 12 months following the date of closing of the offering at a price of $0.10 per common share.
Proceeds of the private placement will be used for general corporate purposes.
On behalf of the Board of Directors
PACIFIC IMPERIAL MINES INC.
H. Leo King, President and Director
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.