Pele Mountain Resources Closes Second Tranche of Private Placement

Pele Mountain Resources Inc. (TSXV:GEM,OTCQX:GOLDF) announced the closing of the second tranche of a non-brokered private placement offering for 507,143 flow-through units at a purchase price of $0.07 per FT Unit for aggregate gross proceeds of $35,500 and 1,200,000 units at a price of $0.05 each for aggregate gross proceeds of $60,000.

As quoted in the press release:

All proceeds raised from the sale of FT Units will be used by Pele to finance qualified Canadian exploration expenditures on its Canadian resource properties and all proceeds raised from the sale of Units will be used by Pele for general working capital purposes.

To view the whole press release, click here.