VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 12/14/12 — Pistol Bay Mining Inc. (TSX VENTURE: PST) announces 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 (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.)
About Pistol Bay Mining Inc. (TSX VENTURE: PST) – Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.
For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit .
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
Cautionary note:
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.
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.
Contacts: Pistol Bay Mining Inc. Charles Desjardins President and Director 604-683-5445 604-687-9631 (FAX)
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