Pitchstone Announces Flow-Through Private Placement
15 Novembre 2010 - 1:00PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone")
intends to proceed with a non-brokered private placement of
3,000,000 "flow-through" common shares at $0.50 per share to raise
gross proceeds of $1,500,000. A cash finder's fee of 5% will be
paid plus finder's warrants equal to 5% of the shares subscribed
for. The finder's warrants will be exercisable at $0.50 for a
period of one year.
The flow-through funds raised will be used for exploration on
Pitchstone's Canadian property interests, which will constitute
Canadian exploration expenses (as defined in the Income Tax Act)
and will be renounced for the 2010 taxation year.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in
Canada and Namibia. The property portfolio features 12 projects in
the eastern Athabasca Basin, Saskatchewan, four of which are 100%
owned. In addition, there are several joint venture projects in the
Hornby Bay Basin, Nunavut and a joint venture on two projects in
Namibia. Pitchstone benefits from the collaboration of a unique
group of geologists with extensive uranium exploration and
production experience.
On behalf of the Board,
Steven J. Blower, President & CEO
This news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties
and are subject to factors, many of which are beyond Pitchstone's
control, that may cause actual results or performance to differ
materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Pitchstone Exploration Ltd. Claire Stewart 604 630
5563 Pitchstone Exploration Ltd. Mark T. Brown CFO 604 687 3520
www.pitchstone.net
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