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Pistol Bay Mining Inc Closes Private Placement


Friday, 14 Dec 2012 04:00pm EST 

Pistol Bay Mining Inc announced that it has closed a non-brokered private placement previously announced November 27, 2012. A total of 4,040,000 units at a price of $0.06 per unit were issued for total proceeds of $242,400. The 4,040,000 units were issued as non flow-through units consisting of one common share and one whole warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for 2 years from the date of closing. Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring April 12, 2013. The proceeds of the private placement will be used for general working capital. The following pros and insiders participated in the private placement: Pro group: Steve Jeske, 85,000 units; Mary Wong, 85,000 units; Kerry Chow, 200,000 units; Jacqueline Chow, 400,000 units; Roberto Chu, 200,000 units; Judy Chu, 100,000 units; Victor Chu, 100,000 units. Insider: Doug McFaul, 85,000 units. Finder's fee: Payable to Haywood Securities Inc., $18,000 plus option to acquire 300,000 units at $0.06 per unit for a two-year period (Each unit consists of one common share and one full warrant, with each full warrant exercisable into one common share at a price of $0.10 per share.); payable to Global Securities Inc., $1,530 plus option to acquire 25,500 units at $0.06 per unit for a two-year period. 

Company Quote

0.03
0.0050 +20.00%
18 Jul 2014