(TheNewswire)
London, Ontario - TheNewswire - December 22, 2023 - Peloton Minerals Corporation (“Peloton” or the“Company”) (CSE:PMC ) ( OTC:PMCCF) is pleased to announce it has closed a privateplacement financing of CDN$173,205.00 (the“ PrivatePlacement ”), consisting of 1,924,500units priced at CDN$0.09 per unit. Each unit consists of one commonshare and one common share purchase warrant exercisable for threeyears at $0.12.
Peloton is advancing its North Elko Lithium Project having recentlycompleted, this month, a field sampling program. The sampling programtargeted outcrop areas of particular clays known to host high-gradelithium on two neighboring projects. The clay outcrops were identifiedusing Company hyperspectral data over an area of 100 squarekilometers. The results of this data analysis prompted Peloton toincrease its property in the area fourfold to 408 mining claimscovering 8,160 acres (3,300 hectares). Next steps for Q1 2024,assuming encouraging results from the sampling program, are to beginshallow drilling of the sampled areas to explore the clay layers atdepth, and to submit for assay its historic geochemistry pulps todetermine the level of lithium in soil. The company is very pleasedwith the number high-grade lithium-in-clay discoveries made by itsimmediate neighbors in 2023 and will continue devoting Companyresources to explore for lithium on its North Elko Lithium Project in2024.
The Private Placement was subject to a finder’s feepayable to IBK Capital Corp. The finder’s fee consisted of$13,856.40 in cash and 192,450 brokers warrants with each brokerwarrant exercisable at $0.09 within five years to purchase additionalprivate placement units consisting of one common share and one commonshare purchase warrant exercisable for five years at $0.12.
The Private Placement was conducted in reliance uponcertain prospectus exemptions, including theexemption allowing issuers to raise capital by distributing securitiesto existing shareholders (the “ExistingShareholder Exemption”) contained in OSC Rule45-501 (2.9) and the various correspondingblanket orders and rules of participating jurisdictions (with theexception of Newfoundland and Labrador) as wellas other available prospectus exemptions, including sales toaccredited investors. The Company set October 9, 2023 as the recorddate for the purpose of determining existing shareholders entitled to purchase Shares pursuant to the ExistingShareholder Exemption. The proceeds of the Private Placement will beused for working capital. Subscriptions wereaccepted in whole or in part at the discretion of the Company on afirst come, first served basis.
The securities issued in connection with the PrivatePlacement are subject to a hold period expiring four months and oneday from the issuance of the securities.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-964-2836
Richard C. Capps, PhD, is the qualifiedperson responsible for approving the technical information containedwithin this 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 are 125,023,958 commonshares issued and outstanding in the capital of the Company after theclosing of the placement described above.
Peloton’s exploration portfolio includes the NorthElko Lithium Project, a gold exploration project on the Carlin Trend,Nevada, a past producing gold project in Montana under option to a JVpartner, and a non-controlling interest in a copper porphyry projectnear Butte, Montana.
CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release.
This news release contains"forward-looking information" (within the meaning ofapplicable 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", "expect", "plan","intend", "potential", "estimate","propose", "project", "outlook","foresee" or similar words suggesting future outcomes orstatements regarding an outlook.
Although the Company believes thatthe expectations reflected in the forward-looking information orstatements are reasonable, prospective investors in the Company’ssecurities should not place undue reliance on forward-lookingstatements because the Company can provide no assurance that suchexpectations will prove to be correct. Forward-looking information andstatements contained in this news release are as of the date of thisnews release and the Company assumes no obligation to update or revisethis forward-looking information and statements except as required bylaw.
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