Charles Desjardins reports
PISTOL BAY AMENDS SECOND ANNIVERSARY OBLIGATIONS ON AURCREST OPTION AGREEMENT AND REDUCES EXERCISE PRICE ON WARRANTS
Pistol Bay Mining Inc. has agreed to amend, subject to the approval of the TSX Venture Exchange, the terms of certain common share purchase warrants that were issued by way of private placement, by reducing the exercise price to six cents.
The warrants affected are the 8.5 million transferable share purchase warrants issued on Oct. 25, 2018, at an exercise price of eight cents and an expiry date of April 25, 2020. The company will issue a further press release once the TSX Venture Exchange has approved this amendment.
Further, the company has amended the second anniversary payment required on the Aurcrest property option agreement, comprising the Confederation Lake and Fredart Lake property, whereas the company has the right to acquire a 100-per-cent interest in the property.
Under the terms of the amendment letter, the $50,000 payment required by Jan. 11, 2019, has been amended to:
a) $10,000 and 500,000 common shares by February 22, 2019; and
b) $15,000 payable in cash or common shares of the Company by August 1, 2019.
About Pistol Bay Mining Inc.
Pistol Bay Mining Inc. 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 shareholders value.
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