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Pacific Rim to raise $3.2 million amid efforts to rescue El Salvador gold

Tuesday, September 21, 2010

Canadian gold miner Pacific Rim, which had raised going concern doubts, said it plans to raise about $3.2 million through a private placement of up to 19.6 million units for funding exploration and litigation costs.

The company had earlier said it would continue to curb exploration at its key gold project in El Salvador until disputes with the government there over delays in issuing permits were resolved.

Pacific Rim, which raised going concern doubts for the second time in less than two months on Sept. 13, had also said that its ability to continue as a going concern is dependent on additional funding.

Original source: Reuters