Pitchstone Closes Flow-Through Financing
24 Novembre 2010 - 1:00PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone" or the
"Company") has closed a non-brokered private placement of 3,260,000
"flow-through" common shares at $0.50 per share to raise gross
proceeds of $1,630,000. The amount raised was increased from the
previously announced $1,500,000. A cash finder's fee of $70,000
plus finder's warrants equal to 5% of the common shares subscribed
for has been paid in connection with part of the private placement.
The finder's warrants will be exercisable at $0.50 for a period of
one year. All securities issued in the private placement will be
subject to a hold period expiring on March 23, 2011.
Pitchstone's cash position is now approximately $4.1 million and
the Company has 39.8 million common shares outstanding after the
closing. 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.
Athabasca Basin Plans
During 2011, drilling programs are planned for the Gumboot,
Johnston Lake and Wolverine properties in the Athabasca Basin to
follow up on previously intersected uranium mineralization and
alteration on all three projects. Ground geophysical surveys are
planned for the Candle property and also for the northeast portion
of the Darby property, 9 kilometers west of the Cigar Lake
mine.
Namibia Plans
In Namibia in 2011, Pitchstone will continue to focus on the
Dome property, located in proximity to the Rossing and Langer
Heinrich uranium mines in the area known as the Erongo region. A
program of reverse circulation drilling is planned at Dome early in
2011 to follow up on encouraging uranium drilling results obtained
earlier in the year (see October 13, 2010 News Release).
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 is a joint venture on two projects in
Namibia and several joint venture projects in the Hornby Bay Basin,
Nunavut. 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 and 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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