Pediment Exploration Ltd.

Pediment Exploration Ltd.

December 03, 2007 18:02 ET

Pediment Exploration Completes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2007) - Pediment Exploration Ltd. (the "Company") (TSX VENTURE:PEZ) is pleased to announce that it has closed its private placement of 5,849,300 units (the "Units") for gross proceeds of $17,547,900, as announced by the Company on November 2 and November 26, 2007 (the "Private Placement").

Each Unit consists of one common share in the capital of the Company and one-half of one share purchase warrant with each whole warrant entitling the holder to purchase one additional common share in the capital of the Company at a price of $3.75 per share until June 3, 2009.

In connection with the Private Placement, the Company paid to six registered dealers as finder's fees an aggregate of $425,520 and issued 101,000 Units (at a deemed issue price of $3.00 per Unit) and 262,215 finders' warrants. Each finder's warrant is exercisable to acquire one common share of the Company at a price of $3.80 per share until June 3, 2009, and each Unit has the same terms as the Units described above.

The insider subscriber group consisted of three members: Gary Freeman, Michael Halvorson and Chris Theodoropoulos who subscribed for an aggregate of 140,000 Units. All securities issued under the Private Placement are subject to a four-month hold period and are not tradable in Canada until April 4, 2008.

The Company plans to use the net proceeds of the Private Placement to further the Company's San Antonio gold exploration project in Baja, Mexico, the newly acquired La Colorada project in Sonora, Mexico, additional acquisitions and general corporate purposes.

On behalf of the board,

Gary Freeman, President and CEO


Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to the use of proceeds from the closing of a 5,849,300 unit private placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, a management decision to change the use of proceeds based on changing circumstances, the volatility of metals prices, the possibility that exploration efforts will not yield economically recoverable quantities of metals, accidents and other risks associated with mineral exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company's need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, and other risks associated with the Company's mineral exploration and development business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at, for a more complete discussion of such risk factors and their potential effects.

These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pediment Exploration Ltd.
    Gary Freeman
    (604) 682-4418