"PISTOL BAY CLOSES FIRST TRANCHE OF FINANCING
Pistol Bay Mining Inc. has closed the first tranche of its financing previously announced on Oct. 25, 2016, and amended on Nov. 25, 2016.
The company closed on 2.71 million non-flow-through units at seven cents for gross proceeds of $189,700. Each unit consists of one common share and one share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 12 cents for 18 months expiring on June 29, 2018.
The company also closed on 135,000 flow-through units at nine cents for gross proceeds of $12,150. Each unit consists of one common share and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share of the company at a price of 15 cents for 18 months expiring on June 29, 2018. Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring on April 30, 2017. The proceeds of the private placement will be used for general working capital and exploration on the company's mineral properties."
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