Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

November 15, 2010 07:00 ET

Pitchstone Announces Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") intends to proceed with a non-brokered private placement of 3,000,000 "flow-through" common shares at $0.50 per share to raise gross proceeds of $1,500,000. A cash finder's fee of 5% will be paid plus finder's warrants equal to 5% of the shares subscribed for. The finder's warrants will be exercisable at $0.50 for a period of one year.

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 2010 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,

Steven J. Blower, President & CEO

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