Pistol Bay Mining (TSXV:PST, Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) ”) is pleased to announce it has closed the first tranche of a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $425,000.
Pistol Bay Mining (TSXV:PST, Frankfurt – OQS2, OTC/Pink Sheet symbol SLTFF) (“Pistol Bay” or the “Company’) is pleased to announce it has closed the first tranche of a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $425,000.
The Company has allotted and issued 8,500,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised 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 eighteen months at a price of $0.08.
In addition, the Company has paid finder’s fees of a total of $2,000 and issued an aggregate 40,000 finder’s warrants (the “Finders Warrants”). Each Finders Warrant is exercisable into one common share for a period of up to twelve months at a price of $0.05.
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 February 26, 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. For additional information please visit the Company website at www.pistolbaymininginc.com or contact Charles Desjardins at firstname.lastname@example.org.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
President and Director
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