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08/2/13 - $0.02
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pengram corp (PNGM) Details

Pengram Corporation, an exploration stage mining company, engages in the acquisition, exploration, and development of natural resource properties, primarily gold. It holds 216 claims covering an area of approximately 4350 acres in 3 properties in Nevada, including the Fish project in Esmeralda County, the CPG project in Mineral County, and the Golden Snow property in Eureka County. The company also has interest in the Clisbako property, which consists of mineral claims covering an area of 8,372 acres in the Cariboo Mining District of British Columbia. Pengram Corporation was founded in 2006 and is based in Bellingham, Washington.

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pengram corp (PNGM) Key Developments

Terrace Ventures Inc. and Pengram Corporation Provide Update on Golden Snow Project

Terrace Ventures Inc. and Pengram Corporation provided update with respect to the Golden Snow Project in Eureka County, Nevada. Terrace is earning up to a 75% interest in the Golden Snow Property from Pengram. Once Terrace has completed earning its interest, the parties will form a 75/25 joint venture. During 2012, Terrace completed a work program on the property that consisted of soil sampling and rock sampling. Fourteen rock samples were collected in the area of a previously identified large 2,800 ft. diameter magnetic anomaly. Seventy-two soil samples were collected to help delineate the extension of the collapse breccia zones on the Golden Snow Project. Based on the successful completion of the program, Terrace's geological consultant has recommended that a program consisting of 3,000 feet of reverse circulation drilling to test locations for gold bearing collapse breccias and to test a probable intrusive indicated by ground magnetic data. The program has an estimated cost of $175,000. Subject to financing, Terrace intends to proceed with the recommended program. The geological consultant also recommended that Terrace locate and record additional claims adjacent to the property. This process is underway.

Pengram Corp. Approves Private Placement Offering of 10% Unsecured Notes Due November 30, 2016

Pengram Corp. announced that its Board of Directors have approved a private placement offering of up to $1,000,000 of $5,000 denomination 10% unsecured notes due November 30, 2016. The purpose of the Notes Offering is to retire the current liabilities of the company and to raise funds for the acquisition and exploration of mineral properties, and for general corporate purposes, without diluting the current shareholders. The company will offer the Notes to the creditors of the company in satisfaction of the current debt. The company will also offer the Notes to investors who are seeking a higher interest rate than available on more senior debt securities. The Notes Offering will be completed pursuant to Regulation S promulgated under the Securities Act of 1933, as amended to persons who are not 'U.S. Persons' as contemplated under Regulation S of the Securities Act. The company may pay a commission or finders fee of up to 10% of the Notes Offering proceeds to duly licensed brokers or investment dealers who introduce purchasers or to other person where permitted by law.


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