Pacific Imperial Mines Inc. (TSXV: PPM) announced on October 20, 2026 that it has reached a mutual agreement with Eagle Plains Resources Ltd. to terminate the Option Agreement on the Brownell Lake VMS project, effective immediately.
The company said the termination resulted from "a lack of funding resulting from the recent cancellation of its private placement." The release does not identify which placement was cancelled, when, or on what terms, nor does it describe the terms of the original Option Agreement on the Brownell Lake project.
Pacific Imperial said its board of directors is actively reviewing the company's strategic options and will be re-evaluating how to move forward. No timeline was given for that review.
The release describes Pacific Imperial as a Vancouver-based mineral exploration company engaged in the acquisition, exploration, evaluation and development of mineral properties, with its current focus on the Babine and Fenton properties in British Columbia. The disclosure in this release is limited to the termination itself and gives no further operational or financial detail.