Pistol Bay Closes Private Placement
January 23 2014 - 5:30PM
Marketwired
Pistol Bay Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) -
Pistol Bay Mining Inc. (TSX-VENTURE:PST) ("the Company") is pleased
to announce that it has closed the non-brokered private placement
announced on January 14th 2014.
A total of 4,000,200 units will be issued as non flow-through
units at a price of $0.06 per unit for total proceeds of $240,012.
Each unit will consist of one common share and one share purchase
warrant. Each warrant will entitle the holder to purchase one
additional common share of the Company at a price of $0.10 per
share for 18 months from the date of closing.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period of four months expiring May
24th 2014. The proceeds of the private placement will be used for
general working capital.
The following insiders participated in the private placement:
Doug McFaul, 180,500 units and Dave John Ramesh Bissoondatt 50,000
units.
Finders' fees: Leede Financial Markets Inc. - $2,800.20 cash and
46,670 Broker warrants, Global Securities Corp. - $4,431 cash and
73,850 Broker Warrants and Canaccord Genuity Corp. - $4,800 cash
and 80,000 Broker warrants. Each Broker Warrant is convertible into
units of the Company at an exercise price of $0.06 until expiration
on July 23rd 2015. Each unit comprises one share and one warrant
exercisable at $0.10 per share for 18 months from the date of
closing.
The Company further announces that pursuant to its stock option
plan, the Company has granted incentive stock options to its
directors, officers, consultants, and employees to purchase in the
total of 650,000 common shares in the capital stock of the company,
subject to regulatory approval, exercisable for a period of five
years, at a price of $0.105 per share.
About Pistol Bay Mining Inc. (TSX-VENTURE:PST) is a diversified
Junior Canadian Mineral Exploration Company with a focus on
graphite, precious and base metal properties in North America..
For additional information please contact Charles Desjardins at
Pistol Bay Mining Inc. or visit www.pistolbaymining.com.
On Behalf of the Board of Directors, PISTOL BAY MINING INC.
Charles Desjardins, President and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. By their nature, forward
looking statements involve risk and uncertainties because they
relate to events and depend on factors that will or may occur in
the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing,
currency exchange rates, and, but not limited to, general economic
factors. Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
Pistol Bay Mining Inc.Charles DesjardinsPresident and
Director604-683-5445604-687-9631info@pistolbaymining.comwww.pistolbaymining.com
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