Pistol Bay Mining Inc. has closed a non-brokered private placement financing for total gross proceeds of $548,436.89
The company has allotted and issued 5,566,126 units at a price of seven cents per non-flow-through unit and 1,764,534 flow-through units at the price of nine cents per flow-through unit. The total gross hard dollars raised are $389,628.83 and the total gross flow-through dollars are $158,808.06.
The non-flow-through units comprises one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company for a period of up to 18 months at a price of 12 cents.
The flow-through units comprise one common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional non-flow-through common share of the company for a period of up to 18 months at a price of 15 cents.
In addition, the company has paid finders' fees of a total of $9,580 and issued 50,000 finders' warrants to a registered dealer authorizing the holder to acquire one common share of the company for a period of 18 months at a price of 12 cents and 72,000 finders' warrants to a registered dealer authorizing the holder to acquire one unit of the company for a period of 18 months at a price of 12 cents. The unit consists of one common share and one non-transferable share purchase warrant exercisable at a price of 15 cents for 18 months from issuance.
The company will use the proceeds of the private placement for qualified exploration expenditures on the company's Canadian properties and general working capital. All securities issued under the private placement are subject to a four-month-and-one-day hold period expiring on July 21, 2017.
About Pistol Bay Mining Inc.
Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on precious and base metal properties in North America.
