Piedmont Mining Company Closes Private Placement
Reno, NV � May 27, 2008 - Piedmont Mining Company, Inc. (OTC BB: PIED)
today announced that it has closed a US$480,500 private placement. This
funding was arranged and managed by IBK Capital Corp. of Toronto, Ontario.
The offering consisted of 3,203,331 Units, with each Unit consisting of
one share of Common Stock and one two year warrant exercisable at US$0.26
per share. The Units were priced at US$0.15 per Unit. Net of
commissions, the Company has received US$437,255 from this funding. In
addition, IBK Capital has been granted a two-year warrant to purchase
320,333 shares of Piedmont�s Common Stock at US$0.15 per share.
These funds will be used to pursue the Company�s exploration program in
Nevada and for working capital purposes.
Piedmont is an exploration-stage company, exploring for gold and silver in
Nevada. It has entered into agreements with experienced and respected
exploration groups on 7 properties in Nevada. It participates through
funding exploration costs utilizing highly skilled people only on an as
needed basis thus minimizing G&A costs. It can drop properties that don�t
meet expectations. The Company�s Common Stock is traded on the OTC
Bulletin Board under the symbol: PIED.
FORWARD-LOOKING STATEMENTS: �Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: Statements relating to the
company�s business activities and other statements in this press release
are forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995. Such statements are based on current
expectations about the Company�s business. Words such as expects,
anticipates, intends, plans, believes, estimates and similar words and
expressions are intended to identify such forward-looking statements.
These statements involve risks that are difficult to evaluate. Actual
results can vary from descriptions herein due to many factors including
changes in metal prices and business conditions; changes in laws and
regulations; problems encountered in exploration and obtaining permits;
changes in the competitive environment; technological advances; shortages
of skilled workers, drill rigs and equipment; the need for additional
capital and other risks listed in the Company�s Securities and Exchange
Commission filings under "risk factors" and elsewhere. Forward-looking
statements speak only as of the date they were made. The Company does not
undertake any obligation to update forward-looking statements.
Piedmont Mining Company, Inc. Reno, Nevada
www.piedmontmining.com
Contact: Robert M. Shields, Jr. 212-734-9848
Investor Relations: Maria Da Silva 877-261-4466
.