Pitchstone Arranges Private Placement
July 18 2011 - 7:00AM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone") 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 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.
Subscribers include Directors and Officers of Pitchstone, plus
strategic investors who share management's long term visions for
the company. Steve Blower, President and CEO, commented that: "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."
Each unit will consist of a common share plus one half of a
share purchase warrant. Each whole share purchase warrant will
enable the holder to purchase one additional Pitchstone common
share for $0.25 for a period of eighteen months. A cash finder's
fee equal to 7% plus finder's warrants equal to 7% of the shares
subscribed for will be paid on a portion of the placement. The
placement is subject to regulatory approvals.
Upon completion of the placement, Pitchstone would have
45,208,000 common shares outstanding and approximately $2,650,000
in cash.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in
Canada and Namibia. The property portfolio features 12 projects in
the eastern Athabasca Basin, Saskatchewan, four of which are 100%
owned. In addition, there are several joint venture projects in the
Hornby Bay Basin, Nunavut and a joint venture on two projects in
Namibia. Pitchstone benefits from the collaboration of a unique
group of geologists with extensive uranium exploration and
production experience.
On behalf of the Board,
Steven J. Blower, President & CEO
This news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties
and are subject to factors, many of which are beyond Pitchstone's
control, that may cause actual results or performance to differ
materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Contacts: Pitchstone Exploration Ltd. Claire Stewart 604 630
5563 Pitchstone Exploration Ltd. Mark T. Brown CFO 604 687 3520
www.pitchstone.net
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