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Pistol Bay Closes First Tranche of Financing

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stations   Friday, 10/26/18 07:08:41 AM
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Pistol Bay Closes First Tranche of Financing

Vancouver, B.C. – October 25, 2018: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) ”) is pleased to announce it has closed the first tranche of a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $425,000.
The Company has allotted and issued 8,500,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised of one common share and one transferable warrant, with each warrant entitling the holder to purchase one additional common share of the Company for a period of up to eighteen months at a price of $0.08.
In addition, the Company has paid finder’s fees of a total of $2,000 and issued an aggregate 40,000 finder’s warrants (the “Finders Warrants”). Each Finders Warrant is exercisable into one common share for a period of up to twelve months at a price of $0.05.
The Company will use the proceeds of the Private Placement for general working capital purposes. All securities issued under the Private Placement are subject to a four-month and one-day hold period expiring on February 26, 2019.
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