(TheNewswire)
June 5, 2024, London, Ontario – TheNewswire – Peloton Minerals Corporation (“Peloton” or the“Company”) (CSE Symbol:PMC; OTCQB Symbol: PMCCF) is pleased to announce that it hasclosed the second, and final tranche, of an over-subscribed financingwith total proceeds of $1,022,518 (the “Financing”). The Financingwas over-subscribed by 70% from the original $600,000 sought. TheCompany intends to use the proceeds to fund its summer explorationprogram and for working capital.
The exploration program funded by this financing is designed todiscover lateral areas of elevated lithium in clays within Peloton’s35 square kilometer North Elko Lithium Project in northeastern Nevada.The program includes geochemical sampling across the entire property,detailed geologic mapping, spectrometer prospecting, XRD minerologyanalysis, and an airborne geophysical survey including Magnetics,Radiometrics, and Matrix Digital VLF-EM. That initial work will befollowed this summer with additional staking as warranted, groundgeophysics, packsack drilling, and notice level permitting for adeeper drilling program. The program is being mobilized and willcontinue through to October 2024. More information about the programis available in Peloton’s corporate presentation, which can be foundat Pelotonminerals.com .
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-697-2313
Richard C. Capps, PhD, is the qualified personresponsible for approving the technical information contained withinthis release.
Peloton Minerals Corporation is a reporting issuer in good standing inthe Provinces of British Columbia and Ontario whose common shares arelisted on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF) . There were 125,237,398 commonshares issued and outstanding in the capital of the Company before theclosing of the placements described above.
Peloton’s exploration portfolio includes the NorthElko Lithium Project, as well as a gold exploration project on theCarlin Trend, Nevada, a past producing gold project in Montana underoption to a JV partner, and a non-controlling interest in a copperporphyry project near Butte, Montana.
CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release.
This news releasecontains "forward-looking information" (within the meaningof applicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "estimate”, "expect",“foresee”, "intend", “looking”, “plan”,"potential", "propose", "project",”suggests”, "outlook" or similar words suggesting futureoutcomes or statements regarding an outlook.
Such statementsinclude, among others, those concerning the Company’s plansfor exploration activity and to conduct future explorationprograms. Such forward-looking information or statements are based on a numberof risks, uncertainties, and assumptions which may cause actualresults or other expectations to differ materially from thoseanticipated and which may prove to be incorrect. Assumptions have beenmade regarding, among other things, management's expectationsregarding its ability to initiate and complete future exploration workas expected. Actual results could differ materially due to a number offactors, including, without limitation, operational risks in thecompletion of the Company’s future exploration work; technical,safety or regulatory issues; availability of capital; changes in general economicconditions and financial markets; the imposition of governmentrestrictions on business which may ultimately affect and delay theexploration timeline; and changes in prices for metals that theCompany is exploring for .
Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable, prospective investors in theCompany’s securities should not place undue reliance onforward-looking statements because the Company can provide noassurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
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