Mr. Al Shefsky reports

PELE MOUNTAIN ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Pele Mountain Resources Inc. has closed a non-brokered private-placement offering comprising 1.7 million units at a price of five cents each for total gross proceeds of $85,000. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to acquire one common share of Pele at seven cents until May 25, 2018.

All proceeds raised from the sale of units will be used by Pele for general working capital purposes. The securities issued pursuant to the offering will all be subject to a four-month statutory hold period commencing from the date of issuance. The offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.