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News & Articles >Enermad Corp. Closes $3.6 Million Private PLacement and Secures Rights to Madagascar's “Grand Prix” Offshore Oil & Gas Block
News & Articles

April 4 , 2008

ENERMAD CORP. CLOSES $3.6 MILLION PRIVATE PLACEMENT AND SECURES RIGHTS TO MADAGASCAR’S “GRAND PRIX” OFFSHORE OIL & GAS BLOCK

Vancouver, British Columbia — PAN AFRICAN MINING CORP. (the “Company”) is pleased to announce that it has now closed a further private funding with a raise of CAD $3.61 Million from a group which includes management, institutions and private investors. A total 4,916,731 Common Shares were sold in the non-brokered private placement at a price of $0.75 per Common Share, for gross proceeds of $3,617,950. The funding was closed in three tranches dated January 31, 2008, March 25, 2008, and March 31, 2008, respectively. An aggregate of $7,484,278 has now been raised by the Company to date. A total of 18,519,916 Shares of EnerMad are now issued and outstanding, of which PAN AFRICAN MINING CORP. (“Pan African”) (TSX.V: PAF) owns 9.7%.

The Company is a privately-held Canadian corporation which was founded by Pan African with a view toward acquiring favorable oil and gas leases in Madagascar and elsewhere in Africa. It is managed by a seasoned team of oil industry professionals from Calgary, headed by Jim Dalsin, CEO, Soren Christiansen, Chairman, and Ken Schubert, P. GeoPh., V.P. Exploration.

On November 26, 2007, the Company was awarded the exploration license covering a highly prospective offshore oil & gas prospect known as the “Grand Prix Block,” which covers some 4.1 million acres or 16,845 sq. km. in the hydrocarbon proven Morondava Basin off the West Coast of Madagascar in the Mozambique Channel. It is a multi-zone prospect with targets ranging from shallow waters to depths of 1800 m, with leads from 4000-6000 m total depth. The grant was confirmed by issuance of a Presidential Decree and official publication. A formal profit-sharing contract has been executed and is now in place covering the prospect between the Company and L’Office des Mines Nationales et des Industries Strategiques (“OMNIS”), the Malagasy State Agency charged with oversight and administration of the country’s strategic resources of hydrocarbons and uranium. The Grand Prix Block represents the largest contiguous offshore block granted to date in Madagascar.

Proceeds of the present private placement will be utilized to cover the Company’s 2008 exploration budget, as well as for operating expenses and working capital. The Company is presently engaged in acquisition and reprocessing of substantial additional seismic and geologic date with a view toward prioritizing drill targets. The Company contemplates proceeding with an initial public offering as soon as practicable after compilation of all required data and prioritization of drill targets.

ON BEHALF OF THE BOARD OF DIRECTORS

Jim Dalsin
Chairman & Chief Executive Officer

For Further Information, Contact:

Jim Dalsin
President and CEO, EnerMad
E-mail: jdalsin@enermad.com
Phone: (403) 850-6944
Fax: (604) 899-0200

Irwin Olian
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
tigertail@panafrican.com

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.
Press Release Archive
06/27/08 - ACQUISITION OF PAN AFRICAN MINING CORP. BY ASIA THAI MINING CO., LTD. CLOSED TODAY IN ACCORDANCE WITH PLAN OF ARRANGEMENT 06/25/08 - PLAN OF ARRANGEMENT AND RELATED TRANSACTIONS EFFECTUATING ACQUISITION BY ASIA THAI MINING APPROVED BY SECURITYHOLDERS OF PAN AFRICAN MINING CORP. AT SPECIAL MEETING 06/18/08 - AMENDMENT TO ARRANGEMENT AGREEMENT EXECUTED BY THE PARTIES TO EFFECTUATE PRICE INCREASE TO $4.50 FOR PAN AFRICAN MINING CORP. SHARES 06/18/08 - PAN AFRICAN MINING CORP. RECEIVES 43-101 REPORTS ON DIAMOND PROJECTS IN BOTSWANA 06/17/08 - INCREASE IN CASH CONSIDERATION TO $4.50 FOR PAN AFRICAN MINING CORP. SHARES ANNOUNCED BY ASIA THAI MINING CO., LTD. AND 0819615 B.C. LTD. 05/29/08 - PAN AFRICAN MINING CORP. MAILS OUT INFORMATION CIRCULAR AND PROXIES FOR SPECIAL SECURITYHOLDERS MEETING ON JUNE 25, 2008 TO APPROVE ACQUISITION 05/22/08 - PAN AFRICAN MINING CORP. CONSENTS TO OPEN MARKET PURCHASES OF ITS SHARES BY ACQUIRING PARTY 05/12/08 - FORMAL DOCUMENTATION EXECUTED IN THE PAN AFRICAN MINING CORP. ACQUISITION; TRANSACTION PROCEEDING TO DATE AS AGREED 04/28/08 - PAN AFRICAN MINING CORP. ACQUISITION TO BE STRUCTURED AS A PLAN OF ARRANGEMENT: JUNE 20, 2008 SET FOR SHAREHOLDERS MEETING 04/24/08 - PAN AFRICAN MINING CORP. RECEIVES ADDITIONAL $4.367 MILLION FROM EXERCISE OF WARRANTS 04/14/08 - PAN AFRICAN MINING CORP. TO BE ACQUIRED BY ASIA THAI MINING CO., LTD. 04/4/08 - Enermad Corp. Closes $3.6 Million Private PLacement and Secures Rights to Madagascar's “Grand Prix” Offshore Oil & Gas Block 04/1/08 - Positive Geochemical Sampling Results Indicate Proximal Kimberlite Pipe in Pan African's Madagascar Diamond Project 03/11/08 - Pan African Mining Corp. Closes $5.0 Million Private Placement 03/03/08 - Pan African Mining Corp. Announces Private Placement 03/03/08 - Pan African Mining Corp. Identifies Seven New Nickel Laterite Deposits in Madagascar 02/18/08 - Latest Core Drill Results From Pan African's Tranomaro Uranium Project Confirm Further Expansion of the Zone: Results Include 6.0 M of 3.44 LBS/SH.T U3O8 (0.15% U) 02/05/08 - Panel Samples From Pan African's Mountain of Gold in Madagascar Corroborate Strong Geophysics Targets and Confirm 8.5 KM. Gold-Bearing Trend 01/10/08 - Pan African Mining Corp. Completes First Phase Geochemical Sampling on Key Botswana Diamond Licenses; 113 Circular Magnetic Anomalies Targeted 12/12/07 - Pan African Mining Corp. Conducts Seminar and Training Program in Madagascar on Uranium Health & Safety Practices 12/04/07 - Pan African Commences Formal Drilling Program at Madagascar's Sakoa Coal Deposit. 11/28/07 - Further Core Drilling Results from Pan African's Tranomaro Uranium Project Confirm Extension of Zone to the South; Intersects Include 10.0 M of 2.34 LBS./SH.T U3O8 11/06/07 - Pan African Mining Corp. Reports Progress on Its Mozambique Gold Projects 10/16/07 - Initial Core Drill Results From Pan African's Tranomaro Uranium Project Reveal Hig-Grade Intersections to Depth At Old Freanch Mine 37, Including 5.0 M of 7.31LBS/T U3O8 10/02/07 - Encouraging Results From Ground Geophysics Survey at Madagascar's Mountain of Gold Confirm Strong Potential for Large Deposits Along Trend 09/11/07 - Drilling Pan African's Mountain of Gold in Madagascar Continues to Advance Project; Latest Results Include 11.99 g/t AU over 9.50 Metres 09/04/07 - Pan African's Core Drilling Program for Uranium at Tranomaro Proceeding on Schedule; Additional Regional Targets now Identified 08/24/07 - Madagascar Government Grants Prime Offshore Oil & Gas Lease to Pan African Mining Corp. International Oil Affiliate 08/13/07 - Pan African Mining Corp. Commences Core Drilling at Old Machinga Gold Mine in Mozambique's Tete Province 08/09/07 - Pan African Mining Corp. Extends Contract with Investor Relations Representative 07/30/07 - Pan African Mining Corp. Awarded Key Diamond Exploration Licence in Namibia 07/24/07 - Pan African Mining Corp. Receives Additional $ 1.4 Million From Exercise of Warrants and Options 07/19/07 - Pan African Mining Corp. Commences Formal Core Drilling Program for Uranium at Tranomaro in Madagascar 07/05/07 - Aeromag Data Confirms Strong Diamond Targets on Pan African Mining Corp.'s Botswana Licenses 07/04/07 - Pan African Mining Corp. Cites Confusion Over Name of Owner of Ayrsire Mine in Zimbabwe 06/27/07 - Pan African Mining Corp. Completes Mapping of Old Machinga Gold Mine in Mozambique; Core Drilling Planned 06/06/07 - PAN AFRICAN MINING CORP.’S SHALLOW DRILLING CONFIRMS EXTENSION BELOW SURFACE OF RICH URANIUM MINERALISATION AT TRANOMARO:17.2 METERS @ 4,329 PPM U (11.25 lbs/metric ton U3O8) 5/22/07 - 43-101 Report Confirms Uranium Potential at Pan African Mining Corp.'s Tranomaro Project in Madagascar; Exploration Accelerating 5/11/07 - Pan African Mining Corp. Awarded Key Diamond Exploration Licenses in Botswana 5/07/07 - Pan African Mining Corp's Sakoa South Coal Project Greenlighted by Malagasy Government 4/25/07 - Pan African Mining Corp. Intersects 14.72 g/t AU over 8.3 Meters at Mountain of Gold in Madagascar 4/17/07 - Interpretation of Pan African Mining Corp.'s Aeromag Data Confirms Strong Diamond Targets in Madagascar 4/12/07 - Pan African Mining Corp. Reaches Agreement with African Eagle Resources for Acquisition of Fingoe Permits in Mozambique 3/26/07 - Surface Samples Confirm High-Grade Uranium Anomaly at Old French Mine Site 37 in Madagascar's South 3/08/07 - Pan African Mining Corp. Receives Additional $1.09 Million From Exercise of Warrants 3/01/07 - Pan African Sets Plans for Formal Exploration and Deveolpment of Sakoa Coal Deposit in Madagascar; 43-101 Technical Report Filed 2/23/07 - Pan African Mining Corp. Promotes Key Malagasy Executives Ramoasalama and Rakotomalala with Expanded Duties 2/19/07 - Pan African Mining Corp. Appoints Dr. Andrew E. Moore as Vice-President, Diamond Exploration, of It's Expanding African Program 2/16/07 - Pan African Mining Corp. Closes $5.0 Million Private Placement 2/06/07 - Pan African Mining Corp. Regional Sampling Results Confirm High-Grade Uranium Anomalies in Madagascar's South 1/31/07 - Pan African Mining Corp. Announces Private Placement 1/26/07 - Pan African Mining Corp.Accelerating Drill Program with Purchase of Four New Rigs 1/23/07 - Pan African Mining Corp. International Oil Affiliate Receives Approval for Formal Negotiation of Its Prime Madagascar Offshore Oil Leases 1/12/07 - Pan African Mining Corp. International Oil Affiliate Closes Additional $1.28 Million Private Placement 1/09/07 - Pan African Mining Corp. Successful Conclusion to Madagascar's National Election; President Marc Ravalomanana Re-Elected 12/14/06 - Pan African Mining Corp. Commences Shallow Core Drilling Program for Uranium in Madagascar 12/04/06 - Pan African Mining Corp. Appoints Dr. Edward A. Shiller as a Director 11/27/06 - Pan African Mining Corp. Granted Additional Madagascar Uranium Licenses; Exploration Program Accelerating 11/6/06 - Phase II Drilling at Madagascar's Mountain of Gold Yields Bonanza Grade:Pan African Mining Corp. Drills 5.5 Meters @ 50.81 g/t Au 10/18/06 - Pan African Mining Corp. Reports Progress on Diamond Program; Commencing Airbourne Survey of Key Targets 09/11/06 - Pan African Mining Corp. In Joint Venture with Manica Minerals for Two Gold Projects in Mozambique; Field Exploration Underway 09/06/06 - Pan African Mining Extends Investor Relations Contract with Marlies Studer 08/31/06 - Pan African Mining Corp. International Oil Affiliate Concludes Iinitial $1.66 Million Financing 08/15/06 - Pan African Mining Corp. Commences Exploration and Development of Madagascar's Sakoa South Coal Deposit 06/27/06 - Pan African Mining Corp. Adds Dr. Reinhard Ramdour to Expanding Madagascar Uranium Team 06/01/06 - Pan African Mining Corp. Commences Core Drilling at Mountain of Gold 05/15/06 - Pan African Mining Corp.'s Core Drill Arrives in Madagascar 05/08/06 - Pan African Mining Corp. Commences Uranium Field Exploration in Madagascar 05/01/06 - Pan African Mining Corp. Appoints Limor Rubin as New CFO and Director 04/21/06 - Pan African Mining Closes $3.6 Million Private Placement 04/12/06 - Pan African Mining Announces Private Placement 03/14/06 - Pan African Mining Corp.'s Developing Plan of Exploration for Nickel Valley Project in Madagascar; Roger Billington Joins Team 02/14/06 - Pan African Mining Corp.'s Madagascar Uranium Program Greenlighted by Malagasy Government 02/02/06 - Dr. Felix Kaminsky Joins Pan African Mining Corp's Diamond Team in Madagascar 01/25/06 - Pan African Mining Corp. Makes Laterite Nickel Discovery in Madagascar 12/05/05 - Pan African Mining Targets Eight Zones at Mountain of Gold 11/10/05 - Pan African Mining Corp. Enters Into Formal Convention for Exploration and Exploitation of Madagascar Uranium 10/04/05 - Pan African Mining Corp. Closes Private Placement for $ 1.87 Million 09/22/05 - Pan African Mining Corp. Signs Agreement for Environmental Controls on Its Madagascar Uranium Program 09/13/05 - Pan African Mining Corp.'s Diamond Team Targets Potential Kimberlite Source in Madagascar 08/04/05 - Pan African Mining Corp. Commences Phase 2 Exploration on the Mountain of Gold 07/21/05 - Pan African Mining Corp. Closes Private Placement 07/07/05 - Pan African Receives Approval of its Plan of Exploration for Madagascar Uranium 05/19/05 - Pan African Mining Corp Resumes Diamond Exploration in Madagascar 05/11/05 - Pan African Mining Corp Makes New Gold Discovery in Madagascar 03/03/05 - Pan African's Dabolava Trenches Yield Anomalous Gold Results
Articles
Special Situation Update - September 2005
Goldletter International,the international independent information and advice bulletin for gold related investments update on Pan African Mining Corp. September 9, 2005 - AUSTRIA BÖRSENBRIEF
Pan African Mining Corp. Recherchiert und analysiert von Marcel Ewald (Schweiz) September 7, 2005 - Finanz und Wirtschaft
Pan African Mining Corp. Samstag, 3. September 2005 Nr. 70 Seite 7 - HOT CORNER Mining Review Africa, Issue 4 2005
AFRICA-FOCUSED JUNIOR SELECTS MADAGASCAR May, 2005 - Mining Weekly Article
Explorer reports Madagascar progress March, 2005 - Goldletter International Article
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Contact Information For investment information please contact our investor relations group.

Corporate Communications - Vancouver
Tom Kinakin
(604) 676-8671
tom@panafrican.com

Corporate Communications, Düsseldorf - London
Carrie Howes
Deutsche:  +49 (0) 1722 1234 47
UK:  +44 (0) 7780 602 788
carrie@panafrican.com

 
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