Pele Mountain Announces Closing of Private Placement Offering

Pele Mountain Resources Inc. (TSXV:GEM) announce that it has closed the second tranche of a non-brokered private placement offering comprised of 3,026,664 flow-through units at a purchase price of $0.18 per Unit for gross proceeds of $544,800.

The press release is quoted as saying:

Each Unit consists of one common share and one-half of one common share purchase warrant (a “Warrant”), with each Warrant exercisable for one common share of Pele at $0.25 until April 1, 2012. Pele announced the closing of the first tranche on September 30, 2010.

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