Pezim financing is unsuccessful

Murray Pezim is looking elsewhere for senior financing for his junior companies after lengthy negotiations with an international major mining company terminated without an agreement. The major, believed to be Kennecott, was involved in negotiations to provide up to $20 million in financing to Pezim’s flagship company, Prime Equities (VSE), and a number of juniors under its corporate umbrella.

Negotiations stalled after the major’s parent company failed to approve a tentative agreement between the two parties. A spokesman for Prime Equities said the company was informed that the proposed agreement did not fit the parent company’s “corporate objective.” Management of Prime Equities is now involved in discussions with several Canadian majors for provision of senior financing.