Pinecrest Resources Ltd.

June 21, 2010 18:30 ET

Pinecrest Resources Ltd.: Initial Public Offering Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2010) - Pinecrest Resources Ltd. (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering.

The Company issued an aggregate of 2,000,000 common shares of the Company to purchasers in British Columbia and certain offshore jurisdictions at a purchase price of $0.10 per share for gross proceeds to the Company of $200,000. Canaccord Genuity Corp. acted as agent in respect of the offering and received a cash commission of $20,000, an administration fee as well as a non-transferable warrant to acquire an aggregate of up to 200,000 common shares for a period of two years from the date of the listing of the common shares of the Company on the TSX Venture Exchange at an exercise price of $0.10 per share.

The Company is a capital pool company ("CPC") within the meaning of the policies of the TSX Venture Exchange. The Company has not commenced operations and has no assets other than cash. The Company will use the net proceeds of the Offering to identify and evaluate potential Qualifying Transactions pursuant to the policies of the TSX Venture Exchange.

It is expected that the Company's common shares will commence trading on the TSX Venture Exchange at the opening of the market on June 23, 2010 under the trading symbol "PCR".

The directors of the Company are Edward Farrauto, Ryan King, Douglas Forster and Kimberly Williams. Edward Farrauto is also the CEO and CFO of the Company and Ryan King is the Corporate Secretary of the Company.

ON BEHALF OF THE BOARD

Edward Farrauto, Chief Executive Officer and Chief Financial Officer

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.

Contact Information

  • Pinecrest Resources Ltd.
    Edward Farrauto
    Chief Executive Officer and Chief Financial Officer
    604-687-3992
    604-628-1011 (FAX)