Pitchstone Completes $610,000 Private Placement
Pitchstone Exploration Ltd. (TSX-V: PXP; ?Pitchstone?) is pleased to announce that it has
closed the $610,000 non-brokered private placement of 1,525,000 units at $0.40
per unit. Each unit consists of one common share and a share purchase
warrant, with each warrant exercisable into a common share for a period of two
years after closing at an exercise price of $0.60 in the first twelve months
and at an exercise price of $0.80 thereafter. All securities issued in
the private placement will have a hold period expiring on November 4, 2009.
Pitchstone?s cash position is now approximately $6.4
million and the Company has 35.0 million common shares outstanding after the
closing. The proceeds of the private placement will primarily be directed
to expanding the current diamond drilling program on a zone of significant
radioactivity recently discovered on the 100% owned Gumboot property (see June
29, 2009 News Release). Gumboot is located in the eastern Athabasca
Basin, Saskatchewan, about 20
kilometers northwest of the Cigar
Lake uranium deposit.
Pitchstone is exploring for uranium in four proven
districts. 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, an exploration
partnership in the Franceville Basin, Gabon, 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,
E.A.G. (Ted) Trueman, CEO & Chairman
For further information contact
Claire Stewart at 604 630 5563, Mark T. Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
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. 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
Pitchstone Exploration Ltd.
1100 Melville Street
BC V6E 4A6