Mr. Charles Desjardins reports
PISTOL BAY CLOSES FIRST TRANCHE OF FINANCING
Pistol Bay Mining Inc. has closed the first tranche of a non-brokered private placement financing for total gross proceeds of $425,000.
The company has allotted and issued 8.5 million units at a price of five cents per unit. Each unit is composed 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 18 months at a price of eight cents.
In addition, the company has paid finders' fees of a total of $2,000 and issued an aggregate 40,000 finders' warrants. Each finder's warrant is exercisable into one common share for a period of up to 12 months at a price of five cents.
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 Feb. 26, 2019.
About Pistol Bay Mining Inc.
Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America. The company is also actively pursuing the right opportunity in the cannabis space, looking to enhance shareholder value.
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