Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

December 08, 2009 07:00 ET

Pitchstone Announces Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP)("Pitchstone") is pleased to announce that it intends to proceed with a non-brokered private placement of up to 1,155,555 "flow-through" common shares at $0.45 per share to raise gross proceeds of up to $520,000. There will be no warrants issued in the private placement. A cash finder's fee of 5% will be paid in connection with part of the private placement.

The flow-through funds raised will be used for exploration on Pitchstone's Canadian property interests, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2009 taxation year.

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. 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 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

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 statements.

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.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    604 630 5563
    Pitchstone Exploration Ltd.
    Mark T. Brown
    604 687 3520