VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2013) - Pistol Bay Mining Inc. (TSX VENTURE:PST) ("the Company") announces that the first tranche, with respect to the non-brokered private placement announced on June 4th 2013, has closed. The Company has raised $141, 600 at a price of $0.06 per unit.
A total of 2,360,000 units at a price of $0.06 per unit were issued as non-flow-through units consisting of one common share and one share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of $0.10 for eighteen (18) months expiring December 27th 2013.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring October 28th 2013. The proceeds of the private placement will be used for general working capital.
Finders' fees: Leede Financial Markets Inc. - $2,760 cash and 46,000 Broker warrants and Canaccord Genuity Corp. - $10,800 cash and 180,000 Broker warrants. Each Broker Warrant is convertible into units of the Company at an exercise price of $0.06 until expiration on June 27th 2014. Each unit comprises one share and one warrant exercisable at $0.10 until December 27th 2013.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious and base metal properties in North America.
For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit www.pistolbaymining.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
Neither the 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.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.