Pacific Asia China Energy Inc. ("PACE") announces that it has completed the second and final tranche of its non-brokered private placement financing. The second closing raised C$3.06 million from retail investors, in addition to C$5.4 million from institutional investors in the first closing, announced on April 9th 2007. The private placement raised a total of C$8.46 million.
The offering consists of units at C$.55 per unit. Each unit includes 1 common share and ½ common share purchase warrant. Each full warrant entitles the holder to purchase one common share of PACE at an exercise price of C$.65 for a period of twenty-four months following the closing of the financing. The warrants will not be listed on any Exchange.
All shares and warrants issued from this offering will be subject to a hold period of four months from the date of issuance. Proceeds will be used for the planned pilot drilling program at the Company's Guizhou CBM project and for general working capital.
