Pinestar Announces Up to $1,500,000 Private Placement
Mar. 10, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Pinestar Gold Inc. (the "Company") (TSX VENTURE:PNS) wishes to announce that it will conduct a private placement financing to raise gross proceeds of up to C$1,500,000 through the issuance of up to 6,521,739 units (each a "Unit") at a price of C$0.23 per Unit (the "Financing"). Each Unit will be comprised of one common share of the Company and one half of one warrant (each whole warrant a "Warrant"). Each whole Warrant will allow the holder thereof to acquire one additional common share of the Company at an exercise price of C$0.33 per share for a period of 18 months.
Proceeds of the Offering will be used to fund the exploration and development of the Company's Becker property, located in Chile, and for general corporate purposes.
Completion of the Financing is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in the Financing will be subject to a hold period under applicable securities laws expiring four months and one day following issuance.
The securities offered in the Financing have not been and will not be registered under the U.S. Securities Act, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.
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