$3,000,000 Private Placement
Closes
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce
that it has closed its previously announced non-brokered private placement for
gross proceeds of $3,000,000. Under the private placement Pitchstone has
issued 1,000,000 units at $3.00 per unit, with each unit consisting of one
common share and one-half of a share purchase warrant. Each whole warrant
will entitle the holder to acquire a common share for eighteen months at a
price of $3.75. In connection with the private placement Pitchstone paid
a cash finder’s fee in the amount of $150,000. All securities
issued under the private placement will have a hold period expiring on December
8, 2007.
The proceeds
of the private placement will be used for exploration on Pitchstone’s
property interests and for general working capital.
Pitchstone
is actively exploring for uranium in four proven districts. The property
portfolio features eight projects in the eastern Athabasca Basin,
Saskatchewan, five of which are joint ventured with Uranium One, with the
other three being 100% owned. In addition, there are five joint venture projects with
Triex in the Hornby Bay Basin, Nunavut and NWT, an
exploration partnership with Cameco and Motapa Diamonds in the Franceville
Basin, Gabon, and an option on three projects in Namibia. Pitchstone has
a unique group of geologists with extensive uranium exploration and
production experience.
On behalf of
the Board,
E.A.G. (Ted)
Trueman, CEO and Director
For
further information contact: Ted Trueman, CEO, (604) 630 5560, ted@pitchstone.net,
Mark
T. Brown, CFO, (604) 687-3520, mark@pitchstone.net,
or www.pitchstone.net
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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 the Company’s control, that may cause actual results or
performance to differ materially from those currently anticipated in such
statements.
Claire Stewart
Office Manager
Pitchstone Exploration Ltd.
315 - 1100 Melville Street
Vancouver BC V6E
4A6
604 630-5563 (Office)
604 630-5564 (Fax)
e-mail:
cstewart@pitchstone.net
www.pitchstone.net