Pitchstone Arranges Private Placement

Pitchstone Exploration Ltd. (TSX:PXP) reports that it has arranged a non-brokered private placement of 5,357,000 units at $0.14 per unit to raise gross proceeds of approximately $750,000.

The press release is quoted as saying:

The financing will enable Pitchstone to maintain a cash balance by year end of approximately $1.5 million after completing its 2011 uranium exploration programs. Funds raised by this placement will be used for exploration on Pitchstone’s Namibian uranium properties and for general corporate purposes. Work planned in Namibia includes additional reverse circulation drilling to test calcrete and leucogranite hosted uranium mineralization on the Dome property in the Erongo region.

Pitchstone’s President and CEO, Steve Blower says:

“We are pleased to have shareholders that continue to support our exploration efforts in two of the most prolific uranium producing regions of the world. Pitchstone also continues to benefit from a strong group of joint venture partners that share the funding on some of our projects.”

Click here to access the entire news release.